To amend the Small Business Act to establish requirements for 7(a) agents, and for other purposes.
Small Business 7(a) Loan Agent Transparency Act
This bill provides oversight of 7(a) loan agents, including by requiring the Small Business Administration (SBA) to establish a registration system for such agents whereby certain data may be collected and by mandating that such agents register with the system and pay an annual registration fee.
These agents provide referral and loan application services related to the SBA's 7(a) Program. Under the 7(a) Program, the SBA provides loans and loan guarantees to small business borrowers who cannot obtain credit elsewhere on reasonable terms and conditions.
Introduced in House
Introduced in House
Referred to the House Committee on Small Business.
Committee Consideration and Mark-up Session Held
Ordered to be Reported Without Recommendation by the Yeas and Nays: 21 - 0.
Reported by the Committee on Small Business. H. Rept. 118-100.
Reported by the Committee on Small Business. H. Rept. 118-100.
Placed on the Union Calendar, Calendar No. 77.
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