119-hr1804

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1804 Referred in Senate

    (RFS) ]

<DOC>
119th CONGRESS
 1st Session
 H. R. 1804

_______________________________________________________________________

 IN THE SENATE OF THE UNITED STATES

 June 4, 2025

 Received; read twice and referred to the Committee on Small Business 
 and Entrepreneurship

_______________________________________________________________________

 AN ACT

To amend the Small Business Act to require a report on 7

    (a) agents, and 
 for other purposes.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``7

    (a) Loan Agent Oversight Act''.

SEC. 2. REPORT ON 7
        (A) AGENTS.

 

Section 47 of the Small Business Act (15 U.S.C. 657t) is amended by 
adding at the end the following new subsection:
 ``

    (j) Annual Report.--
 ``

    (1) In general.--The Director shall submit to Congress, 
 in addition to the report required under subsection

    (h)

    (2) , an 
 annual report including, for the calendar year covered by the 
 report--
 ``
        (A) the number of 7

    (a) agents assisting 
 applicants for loans under 

section 7

    (a) , disaggregated 
 by the type of 7

    (a) agents consistent with information 
 reported on the Fee Disclosure and Compensation 
 Agreement, or any subsequent agreement forms that 
 collect such information;
 ``
        (B) the number of fraudulent loans made for which 
 an applicant used services of a 7

    (a) agent;
 ``
            (C) the purchase rate by the Administrator of 
 loans for which an applicant used services of a 7

    (a) agent;
 ``
            (D) the number and aggregate dollar value of 
 referral fees paid to 7

    (a) agents, disaggregated by 
 whether the applicant or 7

    (a) lender paid such fees;
 ``
        (E) without identifying individual 7

    (a) agents by 
 name, a consolidated analysis of the risk created by 
 the individual 7

    (a) agents responsible for not less 
 than 1 percent of--
 ``
            (i) the dollar value of loans made with 
 the assistance of 7

    (a) agents; and
 ``
            (ii) the number of loans made with the 
 assistance of 7

    (a) agents;
 ``
        (F) an analysis of interest rates on loans for 
 which an applicant or 7

    (a) lender used services of an 
 agent; and
 ``
        (G) a description of how the Administrator 
 communicates with 7

    (a) agents.
 ``

    (2) === Definitions. ===
-In this subsection:
 ``
        (A) 7

    (a) agent.--The term `7

    (a) agent' means a 
 person who provides covered services on behalf of a 
 lender or applicant.
 ``
        (B) Covered services.--The term `covered 
 services' means--
 ``
            (i) assistance with completing an 
 application for a loan under 

section 7

    (a) (including preparing a business plan, cash flow 
 projections, financial statements, and related 
 documents); or
 ``
            (ii) consulting, broker, or referral 
 services with respect to a loan under 

section 7

    (a) .''.

 Passed the House of Representatives June 3, 2025.

 Attest:

 KEVIN F. MCCUMBER,

 Clerk.