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House vote
Official title: HR 1804: On Motion to Suspend the Rules and Pass
A fast-track vote to pass it: 40 minutes of debate, no floor amendments. Needs two-thirds.
SourceBill passed: 398 yes, 3 no, 23 not voting
, HR 1804
Verified, Official roll call data
Official source: clerk.house.gov(opens in a new tab)7(a) Loan Agent Oversight Act
Topic: Commerce
What the bill does
This bill requires the Small Business Administration (SBA) to submit an annual report containing specified information related to 7(a) loan agents. These agents provide fee-based referral and loan application services related to the SBA's 7(a) Program. Under the 7(a) Program, the SBA provides loans and loan guarantees to small business borrowers who cannot obtain credit elsewhere on reasonable terms and conditions. The required report must include (1) the number and type of agents assisting applicants for 7(a) loans, (2) the number of fraudulent loans made for which an applicant used the services of a 7(a) agent, (3) the purchase rate of loans for which an applicant used the services of a 7(a) agent, and (4) the number and aggregate dollar value of referral fees paid to 7(a) agents.
Source: Congressional Research Service summary