Requires a new annual SBA report to Congress focused on people who help with SBA 7(a) loan applications. It tracks agent counts and types, fraud, referral fees, interest rates, and risk signals for the biggest agents—without naming them.
Modern Action explains legislation in plain English, helps you choose whether to support, oppose, or ask for changes, and drafts a message tied to the bill, your stance, and the elected officials who can act on it.
7(a) Loan Agent Oversight Act is a Senate bill in committee. The latest recorded action: Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Latest action on H.R. 1804: Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Who this affects: This mainly affects people and businesses involved in SBA 7(a) lending. Small business borrowers and would-be borrowers may see more attention on referral fees and whether agent use correlates with different interest rates, even though the bill does not change loan terms directly. Lenders and 7(a) agents (like consultants, brokers, and referral partners) would be pulled into more structured reporting and scrutiny through the annual data and analysis. SBA staff also take on added reporting and analysis work, and Congress gets a clearer picture of how agents operate within the program.
Why this matters: The SBA 7(a) program is a major source of government-backed small business credit, and third-party agents can influence both costs (like referral fees) and how applications are put together. This bill matters because it forces consistent, detailed reporting to Congress on agent involvement, fraud indicators, fee flows, and loan terms like interest rates. That information could help lawmakers spot patterns—such as higher fraud rates or higher costs when agents are used—and decide later whether new guardrails are needed. At the same time, the bill itself does not change loan rules or create new penalties, so any direct changes would depend on future actions.
You do not have to start with a blank letter. Modern Action turns the bill, your position, and the relevant congressional context into a message you can edit and send. The goal is to make contacting Congress clear, specific, and useful without forcing you to parse bill text or figure out the right office on your own.
