HB1651
Type: B Origin: House USA Comments: 0

Small Business 7(A) Loan Agent Transparency Act

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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.

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: 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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