Discussing Texas HB 700, 7(a) Loan Agent bill, and broker best practices

Shane Mahabir
Jun 16
1 min read

Updated: Jun 16

Jerry Cocuzzo of FundAll Capital and John DiCanio of Fund My Biz join me to discuss current regulatory news, including the important bill Texas HB 700 and the 7(a) Loan Agent Oversight Act (H.R. 1804), as well as the tech business loan brokers need to know about, and other best practices for brokers.

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Rocco Perate

Jun 16

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Neither of the folks are direct SBA lenders. The 7(a) Bill is really nothing new, SBA has always required Brokers to complete a SBA Form 159 and when they review lenders look to see what brokers they do business with. Brokers are not a problem in the SBA world as most Lenders self=police them.

TX is going to be the beginning of a snowball effect. Banks are exempt - Merit Business Funding is owned by a bank.

Shane Mahabir

Jun 17

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Replying to

Hi Rocco, thanks for the comments. The bill is based on the SBA Inspector General finding that there has been more than $335 million in "documented loan agent fraud," as Daniel Meuser (R) says in this video.