Passed House. Latest step, Jun 4, 2025: Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship. The House passed it 405–3.In the House, Iowa's representatives split: Randy Feenstra yes, Ashley Hinson yes, Mariannette Miller-Meeks did not vote, Zachary Nunn yes. It would change 1 section of existing law.
How this bill changes the law
Sourced
H.R. 1804 would change 1 section of existing law. Read from the bill text as sent to the Senate (Jun 4, 2025).
(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).
The bill says: Section 47 of the Small Business Act (15 U.S.C. 657t) is amended by adding at the end the following new subsection:
From the bill's official text on GovInfo and the U.S. Code, 2024 edition, which may not yet show changes made since.
What it does
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7(a) Loan Agent Oversight Act
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.
Official summary by the Congressional Research Service (Introduced in House, Mar 3, 2025).
Our plain-language breakdown, with what it means for you and the case for and against, is written once a bill starts to move.
What has happened
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Jun 4, 2025Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.Senate
Jun 3, 2025Motion to reconsider laid on the table Agreed to without objection.House floor actions
Jun 3, 2025On 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) Roll call recordHouse floor actions
Jun 3, 2025Passed/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) Roll call recordLibrary of Congress
Jun 3, 2025Considered as unfinished business. (consideration: CR H2403-2404)House floor actions
Jun 3, 2025At 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.House floor actions
Jun 3, 2025DEBATE - The House proceeded with forty minutes of debate on H.R. 1804.House floor actions
Jun 3, 2025Considered under suspension of the rules. (consideration: CR H2398-2399)House floor actions
Jun 3, 2025Mr. Williams (TX) moved to suspend the rules and pass the bill.House floor actions
Mar 24, 2025Placed on the Union Calendar, Calendar No. 22.House floor actions
Mar 24, 2025Reported by the Committee on Small Business. H. Rept. 119-33.House floor actions
Mar 24, 2025Reported by the Committee on Small Business. H. Rept. 119-33.Library of Congress
Mar 5, 2025Ordered to be Reported by the Yeas and Nays: 25 - 0.House committee actions
Mar 5, 2025Committee Consideration and Mark-up Session HeldHouse committee actions
Mar 3, 2025Referred to the House Committee on Small Business.House floor actions