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Increased Transparency for Small Business Loan Agents

New rules aim to increase transparency in the small business loan application process. Agents assisting with these loans will be required to register, making it easier for citizens to verify their credibility and services. This is intended to protect small businesses from unfair practices and ensure better access to information.
Key points
Agents assisting with small business loans (7(a) agents) will be required to register in a special system.
The registration system will collect data on services provided by agents, increasing their accountability and transparency.
Introduction of an annual registration fee for agents to support the oversight system.
Strengthening oversight of agents by the Office of Credit Risk Management and the Lender Oversight Committee.
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Expired
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Additional Information
Print number: 118_HR_1651
Sponsor: Rep. Phillips, Dean [D-MN-3]
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

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 118_HR_1651.

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:

  • Agents assisting with small business loans (7(a) agents) will be required to register in a special system.
  • The registration system will collect data on services provided by agents, increasing their accountability and transparency.
  • Introduction of an annual registration fee for agents to support the oversight system.
  • Strengthening oversight of agents by the Office of Credit Risk Management and the Lender Oversight Committee.
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. Phillips, Dean [D-MN-3].

What is the latest detailed status?

The latest detailed status is: Placed on the Union Calendar, Calendar No. 77.

Is this summary verified?

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

CATEGORIES

Economy