Bill > HR1804

This bill requires the Small Business Administration (SBA) to submit an annual report to Congress about 7(a) loan agents, which are individuals who help applicants with loan applications under the SBA's 7(a) loan program. The report must include detailed information such as the number of 7(a) agents, the number of fraudulent loans made with agent assistance, loan purchase rates by the SBA, referral fees paid to agents, a consolidated risk analysis of agents handling significant loan volumes, an analysis of loan interest rates involving agents, and a description of how the SBA communicates with these agents. Specifically, the bill defines a 7(a) agent as someone who provides services like helping complete loan applications (including business plans and financial statements), or offering consulting, broker, or referral services related to 7(a) loans. The report aims to provide greater transparency and oversight of the loan agents' activities by collecting and presenting comprehensive data about their roles and impact in the loan application process, without identifying individual agents by name.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/1804/all-info