{"format":1,"id":"117-hr-4531","congress":117,"number":"H.R. 4531","kind":"bill","group":"bills","title":"7(a) Loan Agent Oversight Act","title_source":"Short Title(s) as Passed House","official_title":"To amend the Small Business Act to require a report on 7(a) agents, and for other purposes.","titles":[{"type":"Official Title as Introduced","title":"To amend the Small Business Act to require a report on 7(a) agents, and for other purposes."},{"type":"Short Titles from RFS (Referred to Senate) bill text","title":"7(a) Loan Agent Oversight Act"},{"type":"Display Title","title":"7(a) Loan Agent Oversight Act"},{"type":"Short Title(s) as Passed House","title":"7(a) Loan Agent Oversight Act"},{"type":"Short Title(s) as Reported to House","title":"7(a) Loan Agent Oversight Act"},{"type":"Short Title(s) as Introduced","title":"7(a) Loan Agent Oversight Act"}],"outcome":"passed_house","law_number":null,"introduced":"2021-07-19","chambers":{"house":{"status":"roll_call","date":"2021-11-02","vote":{"id":"117-2021-h352","question":"On Motion to Suspend the Rules and Pass","title":"7(a) Loan Agent Oversight Act","result":"Passed","yea":411,"nay":9,"present":0,"not_voting":11,"source":"https://clerk.house.gov/evs/2021/roll352.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":"2021-11-03"},"nominees":null,"amendments":[],"other_votes":[],"crs_summary":{"date":"2021-11-02","stage":"Passed House","blocks":[{"k":"h","t":"7(a) Loan Agent Oversight Act"},{"k":"p","t":"This bill requires the Small Business Administration (SBA) to submit an annual report containing specified information related to 7(a) loan agents. These agents provide fee-based referral and loan application services related to the SBA's 7(a) Program. Under the 7(a) Program, the SBA guarantees up to 80% of a private lender's loan to a small business borrower who cannot obtain credit elsewhere on reasonable terms and conditions."},{"k":"p","t":"The required report must include (1) the number and type of agents assisting applicants for 7(a) loans, (2) the number of fraudulent loans made for which an applicant used the services of a 7(a) agent, and (3) the number and aggregate dollar value of referral fees paid to 7(a) agents."}],"words":121},"summary":{"main_subject":{"text":"Amends section 47 of the Small Business Act to require the Director to submit to Congress an annual report on 7(a) agents who assist applicants for loans under section 7(a).","cites":[{"label":"Sec. 2","href":"https://www.congress.gov/bill/117th-congress/house-bill/4531/text/eh#H2D8745B2BB5D44C7B2518FBE8CCC9FD6"}]},"core_areas":["Annual reporting to Congress on 7(a) agents in the Small Business Administration's 7(a) loan program"],"what_it_does":[{"text":"Adds a new subsection to section 47 of the Small Business Act requiring the Director to submit an annual report to Congress, in addition to the report required under subsection (h)(2), covering the calendar year.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/117th-congress/house-bill/4531/text/eh#H2D8745B2BB5D44C7B2518FBE8CCC9FD6"}},{"text":"Requires the report to give the number of 7(a) agents assisting applicants for section 7(a) loans, broken out by attorneys, accountants, consultants, packagers, and lender service providers.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/117th-congress/house-bill/4531/text/eh#H2D8745B2BB5D44C7B2518FBE8CCC9FD6"}},{"text":"Requires the report to give the number of fraudulent loans made for which an applicant used the services of a 7(a) agent, and the purchase rate by the Administrator of loans for which an applicant used such services.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/117th-congress/house-bill/4531/text/eh#H2D8745B2BB5D44C7B2518FBE8CCC9FD6"}},{"text":"Requires the report to give the number and aggregate dollar value of referral fees paid to 7(a) agents, broken out by whether the applicant or the 7(a) lender paid the fees.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/117th-congress/house-bill/4531/text/eh#H2D8745B2BB5D44C7B2518FBE8CCC9FD6"}},{"text":"Requires the report to include an analysis of interest rates on loans for which an applicant or 7(a) lender used an agent's services, and a description of how the Administrator communicates with 7(a) agents.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/117th-congress/house-bill/4531/text/eh#H2D8745B2BB5D44C7B2518FBE8CCC9FD6"}},{"text":"Defines a 7(a) agent as a person who provides covered services on behalf of a lender or applicant, including application assistance and consulting, broker, or referral services for a section 7(a) loan.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/117th-congress/house-bill/4531/text/eh#H2D8745B2BB5D44C7B2518FBE8CCC9FD6"}}],"unexpected":[],"version":{"type":"Engrossed in House","date":"2021-11-02","rule":"passed","href":"https://www.congress.gov/bill/117th-congress/house-bill/4531/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/4531","text":"https://www.congress.gov/bill/117th-congress/house-bill/4531/text"},"card":{"image":"card/item/117-hr-4531.png","v":"50ede683404e","alt":"Votes on Record. H.R. 4531, 117th Congress: 7(a) Loan Agent Oversight Act. House: 411 Yea, 9 Nay. Outcome: Passed House, 2 Nov 2021."}}