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.
Referred to the House Committee on Small Business.
Ordered to be Reported Without Recommendation by the Yeas and Nays: 21 - 0.
Committee Consideration and Mark-up Session Held
Placed on the Union Calendar, Calendar No. 77.
Reported by the Committee on Small Business. H. Rept. 118-100.
Commerce
Government lending and loan guaranteesLicensing and registrationsSmall business
Small Business 7(a) Loan Agent Transparency Act
USA118th CongressHR-1651| House
| Updated: 6/5/2023
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.