All Roll Calls
Yes: 405 • No: 3
119-hr-1804119th Congress
7(a) Loan Agent Oversight Act
Sponsored By: Representative Meuser, Daniel [R-PA-9]
Passed House
Summary
Requires annual reporting to Congress to increase transparency about 7(a) loan agents and their role in lending. The new report must list counts of agent types, fraud incidents, loan purchase rates, referral fees, concentration risks, interest-rate patterns, and how the agency communicates with agents.
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- Small business applicants: Congress will get data on how many applicants used 7(a) agents, what fees were paid, and whether those loans were linked to fraud. This gives borrowers clearer visibility into agent involvement.
- 7(a) agents: The report breaks out agent types and totals referral fees, and it flags agents responsible for at least 1 percent of loan dollars or loan counts for a consolidated risk analysis.
- Lenders and secondary market: The report must show the Administrator's purchase rate for loans involving agents and include analysis of interest rates on those loans.
- Oversight and Congress: Annual, standardized data aims to let lawmakers and the agency spot fraud, fee patterns, and concentration risks among agents more quickly.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & CoSponsors
Sponsor
Meuser, Daniel [R-PA-9]
PA • R
Cosponsors
Rep. McIver, LaMonica [D-NJ-10]
NJ • D
Sponsored 3/3/2025
Roll Call Votes
house vote • 6/3/2025
On Motion to Suspend the Rules and Pass
Yes: 405 • No: 3