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.
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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