H.R.1804 — 7(a) Loan Agent Oversight Act
House Roll Call
H.R.1804
| Bill | H.R.1804 — 7(a) Loan Agent Oversight Act |
|---|---|
| Vote question | On Motion to Suspend the Rules and Pass |
| Vote type | 2/3 Yea-And-Nay |
| Result | Passed |
| Totals | Yea 405 / Nay 3 / Present 0 / Not Voting 24 |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| R | 208 | 2 | 0 | 10 |
| D | 197 | 1 | 0 | 14 |
| I | 0 | 0 | 0 | 0 |
Research Brief
On Motion to Suspend the Rules and Pass
Bill Analysis
Bill Summary: HR 1804 - 7(a) Loan Agent Oversight Act
The 7(a) Loan Agent Oversight Act, introduced in the 119th Congress, aims to enhance oversight and regulation of loan agents involved in the Small Business Administration’s (SBA) 7(a) loan program. This program is critical for small businesses seeking financial assistance, providing loans for various operational needs.
Key Provisions: The bill establishes a framework for the registration and regulation of loan agents, requiring them to adhere to specific standards and practices. It mandates that loan agents disclose their fees and the terms of their services to borrowers, ensuring transparency in the loan application process. Additionally, the legislation empowers the SBA to implement rules and guidelines for the conduct of loan agents, including potential disciplinary measures for non-compliance.
Funding and Authorities: While the bill does not allocate specific funding, it authorizes the SBA to utilize existing resources to enforce the new regulations. The SBA will be responsible for developing the regulatory framework and ensuring compliance among registered loan agents.
Programs and Agencies Affected: The primary agency affected by this legislation is the Small Business Administration, particularly its 7(a) loan program, which is the agency’s flagship initiative for providing financial aid to small businesses. Loan agents, who facilitate the loan application process for borrowers, will also be directly impacted by the new regulatory requirements.
Beneficiaries and Regulation: Small business owners seeking 7(a) loans will benefit from increased transparency and accountability in the loan process, potentially leading to better-informed financial decisions. Conversely, loan agents will face stricter regulations and oversight, aimed at protecting borrowers from predatory practices.
Key Timelines: Following its introduction, HR 1804 was received in the Senate, read twice, and referred to the Committee on Small Business and Entrepreneurship. The bill’s progression through the legislative process will determine its implementation timeline and final provisions.
Yea (405)
K
Ken Calvert
J
Jason Crow
L
Lloyd Doggett
S
Scott Franklin
J
John Garamendi
M
Mark Green
J
John Mannion
L
Lucy McBath
L
Lisa McClain
J
John Rutherford
D
David Schweikert
P
Pete Sessions
E
Eric Swalwell
R
Rashida Tlaib
N
Nydia Velázquez
D
Debbie Wasserman Schultz
Not Voting (24)
