{"format":1,"id":"117-hr-1487","congress":117,"number":"H.R. 1487","kind":"bill","group":"bills","title":"Microloan Transparency and Accountability Act of 2021","title_source":"Short Title(s) as Passed House","official_title":"To amend the Small Business Act to increase transparency, and for other purposes.","titles":[{"type":"Official Title as Introduced","title":"To amend the Small Business Act to increase transparency, and for other purposes."},{"type":"Short Titles from RFS (Referred to Senate) bill text","title":"Microloan Transparency and Accountability Act of 2021"},{"type":"Display Title","title":"Microloan Transparency and Accountability Act of 2021"},{"type":"Short Title(s) as Passed House","title":"Microloan Transparency and Accountability Act of 2021"},{"type":"Short Title(s) as Introduced","title":"Microloan Transparency and Accountability Act of 2021"}],"outcome":"passed_house","law_number":null,"introduced":"2021-03-02","chambers":{"house":{"status":"roll_call","date":"2021-04-15","vote":{"id":"117-2021-h115","question":"On Motion to Suspend the Rules and Pass","title":"Microloan Transparency and Accountability Act","result":"Passed","yea":409,"nay":4,"present":0,"not_voting":16,"source":"https://clerk.house.gov/evs/2021/roll115.xml"}},"senate":{"status":"na","date":null,"vote":null}},"president":{"status":"na","date":null},"vice_president_tie_breaker":null,"latest_action":{"text":"Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.","date":"2021-04-19"},"nominees":null,"amendments":[],"other_votes":[],"crs_summary":{"date":"2021-04-15","stage":"Passed House","blocks":[{"k":"h","t":"Microloan Transparency and Accountability Act of 2021"},{"k":"p","t":"This bill modifies reporting requirements related to the Small Business Administration's (SBA) disbursement of certain financial assistance."},{"k":"p","t":"Specifically, the bill requires the SBA to report certain metrics related to the disbursement of microloans to small businesses, including (1) the number, amount, and percentage of such loans that went into default in the previous year; (2) the extent to which microloans are provided to small businesses in rural areas; and (3) the average size, rate of interest, and amount of fees charged for each microloan."}],"words":91},"summary":{"main_subject":{"text":"Amends the Small Business Act to require the Small Business Administration to publish an annual report with specified data on its microloan program.","cites":[{"label":"Sec. 2","href":"https://www.congress.gov/bill/117th-congress/house-bill/1487/text/eh#H649A4FE0E8A240B5BBEF3311CA162D9D"}]},"core_areas":["Annual reporting on the Small Business Administration microloan program"],"what_it_does":[{"text":"Requires the Administrator to submit a report on the microloan program for the preceding fiscal year, beginning February 1, 2022 and annually after, to the Senate and House small business committees and to post it on the Administration's website.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/117th-congress/house-bill/1487/text/eh#H649A4FE0E8A240B5BBEF3311CA162D9D"}},{"text":"Requires the report to give the number, amount, and percentage of microloans made by intermediaries that went into default in the previous year and that were charged off in the previous year.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/117th-congress/house-bill/1487/text/eh#H649A4FE0E8A240B5BBEF3311CA162D9D"}},{"text":"Requires the report to state the extent to which microloans go to small business concerns in rural areas and the number of underserved borrowers, as defined by the Administration, in the program.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/117th-congress/house-bill/1487/text/eh#H649A4FE0E8A240B5BBEF3311CA162D9D"}},{"text":"Requires the report to give the average interest rate, the average fees, and the average size of each microloan, including the number of loans over $20,000 and the average size and charge-off rate of those loans.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/117th-congress/house-bill/1487/text/eh#H649A4FE0E8A240B5BBEF3311CA162D9D"}},{"text":"Requires the report to give the number and type of enforcement actions against noncompliant intermediaries and an analysis of intermediary compliance with the credit availability requirements for loans over $20,000.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/117th-congress/house-bill/1487/text/eh#H649A4FE0E8A240B5BBEF3311CA162D9D"}},{"text":"Provides that each report must not contain any personally identifiable information of any borrower.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/117th-congress/house-bill/1487/text/eh#H649A4FE0E8A240B5BBEF3311CA162D9D"}}],"unexpected":[],"version":{"type":"Engrossed in House","date":"2021-04-15","rule":"passed","href":"https://www.congress.gov/bill/117th-congress/house-bill/1487/text/eh"},"current":true,"model":"claude-sonnet-5-5","approved":"2026-10-15","approved_by":"checks"},"sources":{"congress_gov":"https://www.congress.gov/bill/117th-congress/house-bill/1487","text":"https://www.congress.gov/bill/117th-congress/house-bill/1487/text"},"card":{"image":"card/item/117-hr-1487.png","v":"dfc4f7be798d","alt":"Votes on Record. H.R. 1487, 117th Congress: Microloan Transparency and Accountability Act of 2021. House: 409 Yea, 4 Nay. Outcome: Passed House, 15 Apr 2021."}}