HB1644
Type: B Origin: House USA Comments: 0

7(A) Loan Agent Oversight Act

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The 7(a) Loan Agent Oversight Act is a federal bill designed to enhance oversight of loan agents participating in the Small Business Administration's 7(a) loan program. The main provisions of the bill include requiring loan agents to register with the SBA, undergo background checks, and comply with standards of conduct. The bill aims to reduce fraud and abuse in the program by ensuring that loan agents meet certain qualifications and adhere to ethical practices when assisting small businesses with obtaining loans. This legislation seeks to protect both borrowers and taxpayers by promoting transparency and accountability in the 7(a) loan program.

Bill Activity

  • 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: 22 - 0.

  • 2023-06-05: Reported by the Committee on Small Business. H. Rept. 118-99.

  • 2023-06-05: Placed on the Union Calendar, Calendar No. 76.

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