HR 1804 — Bill to Amend the Small Business Act to Require a Report on 7(a) Agents (March 3, 2025)
Summary
HR 1804 of the 119th Congress, 1st Session, is a bill to amend the Small Business Act to require a report on 7(a) agents. Mr. Meuser (for himself and Mrs. McIver) introduced it in the House of Representatives on March 3, 2025, and it was referred to the Committee on Small Business. On March 24, 2025, it was committed to the Committee of the Whole House on the State of the Union and ordered to be printed. The bill directs the Director to submit an annual report that includes the number of fraudulent loans made for which an applicant used services of a 7(a) agent, the number and aggregate dollar value of referral fees paid to 7(a) agents, and an analysis of interest rates on loans for which an applicant or 7(a) lender used services of an agent.
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- Issuer
- Congressional materials
- Document type
- 407262 2025 06 03 House Committee On Small Business Celebrates Seven Att4
- Date
- 2025-06-03
- Case
- 407262 2025 06 03 House Committee On Small Business Celebrates Seven Att4
Cite this document
“HR 1804 — Bill to Amend the Small Business Act to Require a Report on 7(a) Agents (March 3, 2025).”
Dated 2025-06-03. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2025-06-03-407262-2025-06-03-house-committee-on-small-business-celebrates-seven-att4/
, SHA-256 631ad47906c7fe4043cb9899c8000393a24ea4b87a4de0b1234de408223e8aff.Full text
IB
Union Calendar No. 22
119TH CONGRESS
1ST SESSION
H. R. 1804
[Report No. 119–33]
To amend the Small Business Act to require a report on 7(a) agents, and
for other purposes.
IN THE HOUSE OF REPRESENTATIVES
MARCH 3, 2025
Mr. MEUSER (for himself and Mrs. MCIVER) introduced the following bill;
which was referred to the Committee on Small Business
MARCH 24, 2025
Committed to the Committee of the Whole House on the State of the Union
and ordered to be printed
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A BILL
To amend the Small Business Act to require a report on
7(a) agents, and for other purposes.
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1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘7(a) Loan Agent Over-
5 sight Act’’.
6 SEC. 2. REPORT ON 7(a) AGENTS.
7 Section 47 of the Small Business Act (15 U.S.C.
8 657t) is amended by adding at the end the following new
9 subsection:
10 ‘‘(j) ANNUAL REPORT.—
11 ‘‘(1) IN GENERAL.—The Director shall submit
12 to Congress, in addition to the report required under
13 subsection (h)(2), an annual report including, for
14 the calendar year covered by the report—
15 ‘‘(A) the number of 7(a) agents assisting
16 applicants for loans under section 7(a),
17 disaggregated by the type of 7(a) agents con-
18 sistent with information reported on the Fee
19 Disclosure and Compensation Agreement, or
20 any subsequent agreement forms that collect
21 such information;
22 ‘‘(B) the number of fraudulent loans made
23 for which an applicant used services of a 7(a)
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24 agent;
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1 ‘‘(C) the purchase rate by the Adminis-
2 trator of loans for which an applicant used
3 services of a 7(a) agent;
4 ‘‘(D) the number and aggregate dollar
5 value of referral fees paid to 7(a) agents,
6 disaggregated by whether the applicant or 7(a)
7 lender paid such fees;
8 ‘‘(E) without identifying individual 7(a)
9 agents by name, a consolidated analysis of the
10 risk created by the individual 7(a) agents re-
11 sponsible for not less than 1 percent of—
12 ‘‘(i) the dollar value of loans made
13 with the assistance of 7(a) agents; and
14 ‘‘(ii) the number of loans made with
15 the assistance of 7(a) agents;
16 ‘‘(F) an analysis of interest rates on loans
17 for which an applicant or 7(a) lender used serv-
18 ices of an agent; and
19 ‘‘(G) a description of how the Adminis-
20 trator communicates with 7(a) agents.
21 ‘‘(2) DEFINITIONS.—In this subsection:
22 ‘‘(A) 7(A) AGENT.—The term ‘7(a) agent’
23 means a person who provides covered services
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24 on behalf of a lender or applicant.
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1 ‘‘(B) COVERED SERVICES.—The term ‘cov-
2 ered services’ means—
3 ‘‘(i) assistance with completing an ap-
4 plication for a loan under section 7(a) (in-
5 cluding preparing a business plan, cash
6 flow projections, financial statements, and
7 related documents); or
8 ‘‘(ii) consulting, broker, or referral
9 services with respect to a loan under sec-
10 tion 7(a).’’.
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Union Calendar No. 22
119TH CONGRESS
1ST SESSION H. R. 1804
[Report No. 119–33]
H1804
A BILL
E:\BILLS\H1804.RH
To amend the Small Business Act to require a
report on 7(a) agents, and for other purposes.
MARCH 24, 2025
Sfmt 6651
Committed to the Committee of the Whole House on the
State of the Union and ordered to be printed
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Frm 00006
PO 00000
Jkt 059200
00:32 Mar 25, 2025
VerDate Sep 11 2014
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