The "Small Business 7(a) Loan Agent Transparency Act" aims to enhance transparency in the Small Business Administration's 7(a) loan program by requiring loan agents to disclose their fees and relationships with lenders. This bill intends to protect small businesses by providing them with more information about the costs associated with obtaining a loan through an agent. By promoting transparency, the legislation seeks to prevent predatory practices and ensure fair treatment for small business owners seeking financial assistance through the 7(a) loan program.
2023-03-17: Introduced in House
2023-03-17: Referred to the House Committee on Small Business.
2023-05-23: Committee Consideration and Mark-up Session Held
2023-05-23: Ordered to be Reported Without Recommendation by the Yeas and Nays: 21 - 0.
2023-06-05: Reported by the Committee on Small Business. H. Rept. 118-100.
2023-06-05: Placed on the Union Calendar, Calendar No. 77.
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