[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4531 Reported in House (RH)]
<DOC>
Union Calendar No. 104
117th CONGRESS
1st Session
H. R. 4531
[Report No. 117-144]
To amend the Small Business Act to require a report on 7(a) agents, and
for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 19, 2021
Mr. Meuser (for himself and Mr. Phillips) introduced the following
bill; which was referred to the Committee on Small Business
October 12, 2021
Additional sponsor: Ms. Van Duyne
October 12, 2021
Reported from the Committee on Small Business; committed to the
Committee of the Whole House on the State of the Union and ordered to
be printed
_______________________________________________________________________
A BILL
To amend the Small Business Act to require a report on 7(a) agents, and
for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``7(a) Loan Agent Oversight Act''.
SEC. 2. REPORT ON 7(A) AGENTS.
Section 47 of the Small Business Act (15 U.S.C. 657t) is amended by
adding at the end the following new subsection:
``(j) Annual Report.--
``(1) In general.--The Director shall submit to Congress,
in addition to the report required under subsection (h)(2), an
annual report including, for the calendar year covered by the
report--
``(A) the number of 7(a) agents assisting
applicants for loans under section 7(a), disaggregated
by 7(a) agents who are attorneys, accountants,
consultants, packagers, and lender service providers
(as defined by section 103.1 of title 13, Code of
Federal Regulations);
``(B) the number of fraudulent loans made for which
an applicant used services of a 7(a) agent;
``(C) the purchase rate by the Administrator of
loans for which an applicant used services of a 7(a)
agent;
``(D) the number and aggregate dollar value of
referral fees paid to 7(a) agents, disaggregated by
whether the applicant or 7(a) lender paid such fees;
``(E) without identifying individual 7(a) agents by
name, a consolidated analysis of the risk created by
the individual 7(a) agents responsible for not less
than 1 percent of--
``(i) the dollar value of loans made with
the assistance of 7(a) agents; and
``(ii) the number of loans made with the
assistance of 7(a) agents;
``(F) an analysis of interest rates on loans for
which an applicant or 7(a) lender used services of an
agent; and
``(G) a description of how the Administrator
communicates with 7(a) agents.
``(2) Definitions.--In this subsection:
``(A) 7(a) agent.--The term `7(a) agent' means a
person who provides covered services on behalf of a
lender or applicant.
``(B) Covered services.--The term `covered
services' means--
``(i) assistance with completing an
application for a loan under section 7(a)
(including preparing a business plan, cash flow
projections, financial statements, and related
documents); or
``(ii) consulting, broker, or referral
services with respect to a loan under section
7(a).''.
Union Calendar No. 104
117th CONGRESS
1st Session
H. R. 4531
[Report No. 117-144]
_______________________________________________________________________
A BILL
To amend the Small Business Act to require a report on 7(a) agents, and
for other purposes.
_______________________________________________________________________
October 12, 2021
Committed to the Committee of the Whole House on the State of the Union
and ordered to be printed