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Increased Oversight for Small Business Loan Agents

This new law requires annual reporting on agents assisting small businesses with loans. The goal is to increase transparency and reduce fraud risks, potentially leading to safer and fairer loan conditions for entrepreneurs seeking financial support.
Key points
Annual reports required on the number and activities of loan agents.
Monitoring of fraudulent loans involving agent services.
Analysis of referral fees and their impact on loan interest rates.
Assessment of risks posed by agents responsible for a significant share of loans.
article Official text account_balance Process page
VOTING RESULTS
2025-06-03
99%
For 405
Against 3
Abstain 0
Full voting results open_in_new
Passed House
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_1804
Sponsor: Rep. Meuser, Daniel [R-PA-9]
Process start date: 2025-03-03
Voting date: 2025-06-03
Meeting no: 1
Voting no: 147
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
AI work logs for this document launch

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 119_HR_1804.

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 2025-03-03.

What are the main provisions?

Key points include:

  • Annual reports required on the number and activities of loan agents.
  • Monitoring of fraudulent loans involving agent services.
  • Analysis of referral fees and their impact on loan interest rates.
  • Assessment of risks posed by agents responsible for a significant share of loans.
What is the specific legal status?

The current status is Passed House.

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. Meuser, Daniel [R-PA-9].

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): 405 - 3 (Roll no. 147). (text: CR H2398)

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-22.

CATEGORIES

Economy