What is SBA Form 159 and who signs it?
Short answer
SBA Form 159 is the Fee Disclosure and Compensation Agreement for 7(a) and 504 loans. When an Agent is paid to assist, the applicant, the Agent and the lender all sign. SOP 50 10 8.1, Section A, Chapter 4, Para. D.8 sets the rule.
Form 159 identifies Agents and the compensation paid to them for helping obtain an SBA-guaranteed loan. It is a statutory requirement under 15 U.S.C. § 642, according to the form (p. 1).
Who signs
The applicant, the Agent and the lender sign when an Agent is paid by the applicant or the lender. Each Agent needs a separate form. If the lender also acts as an Agent, it signs twice (SOP 50 10 8.1, Section A, Chapter 4, Para. D.2, about p. 72).
What must be disclosed
- Loan packaging services
- Financial statement preparation specifically for the loan application
- Consulting, broker or referral services
Lender packaging fees
The SOP requires the form when a lender's fee exceeds $2,500 (Para. C.2.a). The form's own instructions use $2,500 only as the itemization line.
What you certify
By signing, you certify that the listed amounts are the only amounts you paid or will pay for those services. You also certify that they are satisfactory to you. The form says not to sign until all services and fees are disclosed. False certifications can lead to prosecution under 18 U.S.C. § 1001.
Version note
The posted PDF is revision 08-21 and shows an Office of Management and Budget (OMB) expiration of November 30, 2024. SOP 50 10 8.1 still requires the form.
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