H.R. 4743: Small Business 7(a) Lending Oversight Reform Act of 2018

115th Congress · introduced 2018-01-09 · Commerce · Latest: Became Public Law No: 115-189.

federal

Follow this bill, step by step

Where it came from: introduced 2018-01-09 · official record
Who proposed it: Rep. Chabot, Steve [R-OH-1] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Became Public Law No: 115-189. (final step reached)
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Small Business 7(a) Lending Oversight Reform Act of 2018

Plain summary

Small Business 7(a) Lending Oversight Reform Act of 2018 (Sec. 3) This bill amends the Small Business Act to provide statutory authority for the Small Business Administration (SBA) Office of Credit Risk Management (OCRM) and the SBA Lender Oversight Committee. The bill modifies the OCRM's supervisory duties and the committee's review of OCRM formal enforcement action recommendations. The bill requires OCRM to supervise: lenders making loans under the SBA's guaranteed loan program, commonly known as 7(a) lenders; lending partners or SBA intermediary participants in a lending program of the SBA's Office of Capital Access; small business lending companies; and nonfederally regulated lenders. The OCRM may assess a monetary penalty against lenders that violate requirements. (Sec. 4) Under current law, a borrower is ineligible for an SBA guaranteed loan if the applicant may obtain credit elsewhere. The term "credit elsewhere" is redefined to include the availability of credit on reasonable terms and conditions to the loan applicant from nongovernment sources, considering factors associated with conventional lending practices, including: the business industry in which the applicant operates; whether the applicant is an enterprise that has been in operation for two years or less; the adequacy of the collateral available to secure the requested loan; the loan term necessary to reasonably assure the ability of the loan applicant to repay the debt from the business's actual or projected cash flow; and any other factors relating to the particular credit application, as documented in detail by the lender, that cannot be overcome except through obtaining a federal loan guarantee under prudent lending standards. Such term is inapplicable to certain SBA guaranteed loans to repair, rehabilitate, or replace property damaged or destroyed by or resulting from natural or other disasters. (Sec. 5) The SBA may, with congressional approval, increase the cap for general business loans if the cap will be reached within that fiscal year. An increase may only be implemented once each fiscal year. (Sec. 6) SBA waivers of regulations or requirements in the Standard Operating Procedures Manual or Policy Notice related to an Office of Capital Access's program or function must be in writing and maintained in an index. (Sec 7) The bill repeals a requirement for the SBA to report certain information to the President and Congress, including the number and amount of loan defaults.

Congressional Research Service summary (Public Law), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Small Business 7(a) Lending Oversight Reform Act of 2018

Source: Congressional Research Service summary (Public Law)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Chabot, Steve [R-OH-1] · 11 cosponsors

Cost estimate: CBO cost estimate: H.R. 4743, Small Business 7(a) Lending Oversight Reform Act of 2018 (2018-05-24)

Cosponsors on this site

Nydia M. Velázquez (D-NY), Roger Marshall (R-KS), Aumua Amata Coleman Radewagen (R-AS), Judy Chu (D-CA), Adriano Espaillat (D-NY), Dwight Evans (D-PA), Yvette D. Clarke (D-NY), Ralph Norman (R-SC)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (4)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Fiscal year: The 12-month period a government uses for its budget. The federal fiscal year runs from October 1 to September 30 and is named for the calendar year in which it ends. Most states use July 1 to June 30.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.
Statute: A written law passed by a legislature. A statute can be changed by a later law; changing a constitution needs an amendment.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Public Law)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-115hr4743.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/115/hr>

Record fed-us-cong115-hr4743 · catalog fed-us-congress-bills-cong115 · updated 2026-11-15 by psicol fed-bills-cong115