IB
Union Calendar No. 22
119THCONGRESS
1
STSESSION H. R. 1804
[Report No. 119–33]
To amend the Small Business Act to require a report on 7(a) agents, and
for other purposes.
IN THE HOUSE OF REPRESENTATIVES
MARCH3, 2025
Mr. M
EUSER(for himself and Mrs. MCIVER) introduced the following bill;
which was referred to the Committee on Small Business
M
ARCH24, 2025
Committed to the Committee of the Whole House on the State of the Union
and ordered to be printed
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•HR 1804 RH
A BILL
To amend the Small Business Act to require a report on
7(a) agents, and for other purposes.
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•HR 1804 RH
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘7(a) Loan Agent Over-4
sight Act’’. 5
SEC. 2. REPORT ON 7(a) AGENTS. 6
Section 47 of the Small Business Act (15 U.S.C. 7
657t) is amended by adding at the end the following new 8
subsection: 9
‘‘(j) A
NNUALREPORT.— 10
‘‘(1) I
N GENERAL.—The Director shall submit 11
to Congress, in addition to the report required under 12
subsection (h)(2), an annual report including, for 13
the calendar year covered by the report— 14
‘‘(A) the number of 7(a) agents assisting 15
applicants for loans under section 7(a), 16
disaggregated by the type of 7(a) agents con-17
sistent with information reported on the Fee 18
Disclosure and Compensation Agreement, or 19
any subsequent agreement forms that collect 20
such information; 21
‘‘(B) the number of fraudulent loans made 22
for which an applicant used services of a 7(a) 23
agent; 24
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‘‘(C) the purchase rate by the Adminis-1
trator of loans for which an applicant used 2
services of a 7(a) agent; 3
‘‘(D) the number and aggregate dollar 4
value of referral fees paid to 7(a) agents, 5
disaggregated by whether the applicant or 7(a) 6
lender paid such fees; 7
‘‘(E) without identifying individual 7(a) 8
agents by name, a consolidated analysis of the 9
risk created by the individual 7(a) agents re-10
sponsible for not less than 1 percent of— 11
‘‘(i) the dollar value of loans made 12
with the assistance of 7(a) agents; and 13
‘‘(ii) the number of loans made with 14
the assistance of 7(a) agents; 15
‘‘(F) an analysis of interest rates on loans 16
for which an applicant or 7(a) lender used serv-17
ices of an agent; and 18
‘‘(G) a description of how the Adminis-19
trator communicates with 7(a) agents. 20
‘‘(2) D
EFINITIONS.—In this subsection: 21
‘‘(A) 7(
A) AGENT.—The term ‘7(a) agent’ 22
means a person who provides covered services 23
on behalf of a lender or applicant. 24
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•HR 1804 RH
‘‘(B) COVERED SERVICES.—The term ‘cov-1
ered services’ means— 2
‘‘(i) assistance with completing an ap-3
plication for a loan under section 7(a) (in-4
cluding preparing a business plan, cash 5
flow projections, financial statements, and 6
related documents); or 7
‘‘(ii) consulting, broker, or referral 8
services with respect to a loan under sec-9
tion 7(a).’’. 10
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kjohnson on DSK7ZCZBW3PROD with $$_JOB Union Calendar No.
22
119
TH
CONGRESS
1
ST
S
ESSION
H. R. 1804
[Report No. 119–33]
A BILL
To amend the Small Business Act to require a
report on 7(a) agents, and for other purposes.
M
ARCH
24, 2025
Committed to the Committee of the Whole House on the
State of the Union and ordered to be printed
VerDate Sep 11 2014 00:32 Mar 25, 2025 Jkt 059200 PO 00000 Frm 00006 Fmt 6651 Sfmt 6651 E:\BILLS\H1804.RH H1804
kjohnson on DSK7ZCZBW3PROD with $$_JOB