H.R. 4531: 7(a) Loan Agent Oversight Act

CBO Score

$46 million

Date of Report

Tue September 6th, 2022

CBO Report Details

Legislation Details

117th Congress

To amend the Small Business Act to require a report on 7(a) agents, and for other purposes.

Sponsor: Rep. Daniel Meuser — R — PA

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. The required report must include (...

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