A Republican bill with 1 Democratic cosponsor · See the cosponsor
Last activity — Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
In the other chamber's committee
Passed one chamber and has been handed to a committee in the other.
The committee decides whether it goes any further, and most bills that reach a committee never leave it. A committee that simply does nothing kills a bill without anyone ever voting against it, so no news from here is usually the news.
Its path through Congress
- Introduced
- Passed House 405–3
- In Senate committee
What this bill would do
This bill, known as the "7(a) Loan Agent Oversight Act," proposes changes to the Small Business Act. It requires the Director to submit an annual report to Congress regarding 7(a) agents. These agents are defined as people providing services like application assistance or consulting for loans. The report must include data on the number of agents, fraudulent loans, and loan purchase rates. It also requires details on referral fees and an analysis of risks associated with certain agents. Additionally, the report must analyze interest rates and how the Administrator communicates with these agents.
Yes· 3 of 4
- Scored +4
Does this give people more protection from unfair business practices?
The increased transparency regarding fraudulent loans and referral fees provides better protection for loan applicants.
- Scored +4
Does this make what the government does easier for the public to see?
The bill mandates annual reporting to Congress to increase transparency in the 7(a) loan process.
- Scored +3
Does this make it easier to run a small business?
The bill enhances oversight of loan agents to potentially protect small businesses from fraud and high fees.
The opposite
No question was scored the opposite.
What Congress actually voted on
One recorded vote has been taken on this bill.
- The House: a fast-track vote, needing two-thirds to pass The House sets aside its normal procedure to move quickly: no amendments, little debate, and a two-thirds bar instead of a simple majority. It is used for measures expected to be uncontroversial, so a bill that fails here failed despite broad expectations that it would not. Passed 405 yes · 3 no
06/03/2025 · Roll call 147 · recorded as “On Motion to Suspend the Rules and Pass”
Who it would affect, and how
Potential Positive Impacts for People
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Increased Transparency on Fraud: The bill requires reporting on the number of fraudulent loans where an applicant used a 7(a) agent (Section 2, subsection (j)(1)(B)), which could help identify bad actors.
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Financial Oversight of Fees: By requiring the number and total dollar value of referral fees paid by applicants or lenders (Section 2, subsection (j)(1)(D)), the report provides a clearer look at how money is moving in the loan process.
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Risk Management: The bill calls for a consolidated analysis of the risk created by specific agents who handle a significant portion of loan volume or dollar value (Section 2, subsection (j)(1)(E)), which could help mitigate potential systemic issues.
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Interest Rate Visibility: The requirement for an analysis of interest rates on loans involving these agents (Section 2, subsection (j)(1)(F)) could provide insight into the costs being passed to applicants.
Potential Negative Impacts for People
- No specific negative impacts or burdens are explicitly stated in the provided text.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Economy And Finance
- Does this give people more protection from unfair business practices? — The increased transparency regarding fraudulent loans and referral fees provides better protection for loan applicants. Does this make it easier to run a small business? — The bill enhances oversight of loan agents to potentially protect small businesses from fraud and high fees.
- Governance And Ideology
- Does this make what the government does easier for the public to see? — The bill mandates annual reporting to Congress to increase transparency in the 7(a) loan process.
- Demographic And Interest Groups
- Would business owners be better off under this? — The bill provides better oversight of loan agents which may protect small business owners from predatory practices.
- 6/4/2025
- Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
- 6/3/2025
- Motion to reconsider laid on the table Agreed to without objection.
- Passed/agreed to in House: 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)
- 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)
- Considered as unfinished business. (consideration: CR H2403-2404)
- At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
- DEBATE - The House proceeded with forty minutes of debate on H.R. 1804.
- Considered under suspension of the rules. (consideration: CR H2398-2399)
- Mr. Williams (TX) moved to suspend the rules and pass the bill.
- 3/24/2025
- Reported by the Committee on Small Business. H. Rept. 119-33.
- Placed on the Union Calendar, Calendar No. 22.
- 3/5/2025
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported by the Yeas and Nays: 25 - 0.
- 3/3/2025
- Referred to the House Committee on Small Business.
- 1 Cosponsor added.
- Introduced in House
LaMonica McIverDemocrat · New Jersey