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Increased Oversight for Small Business Loan Agents

This new act requires annual reporting on agents assisting small businesses with loans. The goal is to increase transparency and identify potential risks related to fraud or high fees, which can protect entrepreneurs using these services.
Key points
Annual reports required on the number and types of agents (e.g., attorneys, accountants) and their fees.
Monitoring of fraudulent loans and loan purchase rates where agents were involved.
Analysis of risks posed by agents responsible for a significant portion of loan value or volume.
Examination of how agents influence interest rates on small business loans.
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Expired
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Additional Information
Print number: 118_HR_1644
Sponsor: Rep. Meuser, Daniel [R-PA-9]
Process start date: 2023-03-17
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

7(a) Loan Agent Oversight Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_1644.

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 2023-03-17.

What are the main provisions?

Key points include:

  • Annual reports required on the number and types of agents (e.g., attorneys, accountants) and their fees.
  • Monitoring of fraudulent loans and loan purchase rates where agents were involved.
  • Analysis of risks posed by agents responsible for a significant portion of loan value or volume.
  • Examination of how agents influence interest rates on small business loans.
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

Who is the primary sponsor?

The primary sponsor is Rep. Meuser, Daniel [R-PA-9].

What is the latest detailed status?

The latest detailed status is: Placed on the Union Calendar, Calendar No. 76.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Economy