SBA Issues New Form 159 – Compensation Agreement

SBA doesn’t always advise Lenders when a form has been updated. The new SBA 159, Compensation Agreement that was updated in April 2015 without notice is one of those forms. There are not a lot of changes in the form, but it does:

  • clarify who does and does not have to fill out the form
  • states that an itemization is required, even if the compensation is charged on a percentage basis
  • states that a form is to be completed for each applicable Agent, including the Lender.
  • It also includes a certification by the Agent that they have not been disbarred.

This is why SBA Simplified recommends that each time you prepare a document you get the latest version from the web rather than one you previously downloaded.

2017-12-05T22:36:15+00:00 August 13th, 2015|News|Comments Off on SBA Issues New Form 159 – Compensation Agreement