H.R. 4481 · 117th Congress
Small Business 7(a) Loan Agent Transparency Act
- Stage
- Passed a chamber
- Sponsor
- Dean Phillips
- Introduced
- 2021-07-16
- Latest action
- 2021-11-03 · Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Summary
Small Business 7(a) Loan Agent Transparency Act
This bill provides oversight of 7(a) loan agents, including by requiring the Small Business Administration (SBA) to establish a registration system for such agents whereby certain data may be collected and by mandating that such agents register with the system and pay an annual registration fee.
These agents provide referral and loan application services related to the SBA's 7(a) Program. Under the 7(a) Program, the SBA provides loans and loan guarantees to small business borrowers who cannot obtain credit elsewhere on reasonable terms and conditions.