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Increased Transparency for Small Business Loan Agents

New rules require registration and oversight for individuals assisting small businesses with loans. This aims to increase transparency and security for entrepreneurs seeking financial support.
Key points
Individuals assisting with small business loans (called 7(a) agents) will need to register and receive a unique identifier.
A public database will be created with information on services provided by these agents, making it easier for businesses to verify their credibility.
Annual registration fees will be introduced for agents to support the oversight system.
article Official text account_balance Process page
VOTING RESULTS
2021-11-02
98%
For 407
Against 9
Abstain 0
Full voting results open_in_new
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_4481
Sponsor: Rep. Phillips, Dean [D-MN-3]
Process start date: 2021-07-16
Voting date: 2021-11-02
Meeting no: 1
Voting no: 351
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Small Business 7(a) Loan Agent Transparency Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_4481.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-07-16.

What are the main provisions?

Key points include:

  • Individuals assisting with small business loans (called 7(a) agents) will need to register and receive a unique identifier.
  • A public database will be created with information on services provided by these agents, making it easier for businesses to verify their credibility.
  • Annual registration fees will be introduced for agents to support the oversight system.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Where is the official voting record?

The official roll call vote is recorded at: voting record

Who is the primary sponsor?

The primary sponsor is Rep. Phillips, Dean [D-MN-3].

What is the latest detailed status?

The latest detailed status is: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 407 - 9 (Roll no. 351). (text: CR H6090)

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Economy