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25 U.S.C. § 1498 — Powers of Secretary; finality of financial transactions and property acquisitions, management, and dispositions
Federal law — U.S. Code and appendices · legal_authorities
The financial transactions of the Secretary incident to or arising out of the guarantee or insurance of loans and surety bonds, and the acquisition, management, and disposition of property, real, personal, or mixed, incident to such activities, shall be final and conclusive upon all officers of the Government. With respect to matters arising out of the guaranty or insurance program authorized by this subchapter, and notwithstanding the provisions of any other laws, the Secretary may—
**(a)** sue and be sued in his official capacity in any court of competent jurisdiction;
**(b)** subject to the specific limitations in this subchapter, consent to the modification, with respect to the rate of interest, time of payment on principal or interest or any portion thereof, security, or any other provisions of any note, contract, mortgage, or other instrument securing a loan or surety bond which has been guaranteed or insured hereunder;
**(c)** subject to the specific limitations in this subchapter, pay, or compromise, any claim on, or arising because of any loan or surety bond guaranty or insurance;
**(d)** subject to the specific limitations in this subchapter, pay, compromise, waive, or release any right, title, claim, lien, or demand, however acquired, including, but not limited to, any equity or right of redemption;
**(e)** purchase at any sale, public or private, upon such terms and for such prices as he determines to be reasonable, and take title to property, real, personal, or mixed; and similarly sell, at public or private sale, exchange, assign, convey, or otherwise dispose of such property; and
**(f)** complete, administer, operate, obtain, and pay for insurance on, and maintain, renovate, repair, modernize, lease, or otherwise deal with any property acquired or h
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Source file: Laws/federal/codes/united-states-code/title-25/section-1498-powers-of-secretary-finality-of-financial-transactions-and-property-acqu--b96a7708fd.md
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Source location: Title 25, Chapter 17, § 1498; chapter-017-financing-economic-development-of-indians-and-indian-organizations.md
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The financial transactions of the Secretary incident to or arising out of the guarantee or insurance of loans and surety bonds, and the acquisition, management, and disposition of property, real, personal, or mixed, incident to such activities, shall be final and conclusive upon all officers of the Government. With respect to matters arising out of the guaranty or insurance program authorized by this subchapter, and notwithstanding the provisions of any other laws, the Secretary may—
**(a)** sue and be sued in his official capacity in any court of competent jurisdiction;
**(b)** subject to the specific limitations in this subchapter, consent to the modification, with respect to the rate of interest, time of payment on principal or interest or any portion thereof, security, or any other provisions of any note, contract, mortgage, or other instrument securing a loan or surety bond which has been guaranteed or insured hereunder;
**(c)** subject to the specific limitations in this subchapter, pay, or compromise, any claim on, or arising because of any loan or surety bond guaranty or insurance;
**(d)** subject to the specific limitations in this subchapter, pay, compromise, waive, or release any right, title, claim, lien, or demand, however acquired, including, but not limited to, any equity or right of redemption;
**(e)** purchase at any sale, public or private, upon such terms and for such prices as he determines to be reasonable, and take title to property, real, personal, or mixed; and similarly sell, at public or private sale, exchange, assign, convey, or otherwise dispose of such property; and
**(f)** complete, administer, operate, obtain, and pay for insurance on, and maintain, renovate, repair, modernize, lease, or otherwise deal with any property acquired or held pursuant to the guaranty or insurance program authorized by this subchapter.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Amount; eligibility** The Secretary is authorized to provide a supplemental surety bond guarantee, not to exceed 20 percent of any loss, for any Indian individual or economic enterprise eligible for a surety guarantee under [section 694b of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section694b&num=0&edition=prelim), so that the aggregate of the two guarantees is 100 percent.
**(b) Conditions** The Secretary may provide a supplemental guarantee under this section only if the Secretary determines that—
(1) the Indian individual or economic enterprise has secured or will likely secure a surety bond guarantee under [section 694b of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section694b&num=0&edition=prelim);
(2) the supplemental guarantee is necessary for the Indian individual or economic enterprise to secure a surety bond;
(3) no more than 25 percent of the surety’s business is comprised of bonds guaranteed pursuant to this section; and
(4) the surety will provide appropriate technical assistance and advice to, and monitor the performance of, the Indian individual or economic enterprise for the prevention or mitigation of a loss.
**(c) Fees and charges** The rules and regulations promulgated by the Secretary to carry out this section shall include the setting of reasonable fees to be paid by the Indian individual or economic enterprise and reasonable premium charges to be paid by sureties. In setting fees and charges, the Secretary may take into consideration the cost to the surety of providing the services required by paragraph (4) of subsection (b). The receipts from the fees and charges shall be deposited in the Fund established by [section 1497(a) of this title](https://uscode.house.go
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Federal law — U.S. Code and appendices · legal_authorities
Page 236
TITLE 25—INDIANS
§ 1497a
to make fiscal adjustments in connection with
the application and transmittal of collections,
and other expenses and advances to protect the
Secretary for loans or surety bonds which are
guaranteed or insured under this subchapter or
held by the Secretary, to acquire such security
property at foreclosure sale or otherwise, and to
pay administrative expenses.
(e) Authorization of appropriations
There are authorized to be appropriated for
each fiscal year beginning in fiscal year 1985
such sums as may be necessary to fulfill obliga-
tions with respect to losses on loans or surety
bonds guaranteed or insured under this sub-
chapter. All collections and all moneys appro-
priated pursuant to the authority of this sub-
section shall remain available until expended.
(Pub. L. 93–262, title II, § 217, Apr. 12, 1974, 88
Stat. 82; Pub. L. 98–449, § 7, Oct. 4, 1984, 98 Stat.
1725; Pub. L. 100–442, §§ 3, 4(a), (b), 5(d), Sept. 22,
1988, 102 Stat. 1763, 1764; Pub. L. 105–362, title
VIII, § 801(b), Nov. 10, 1998, 112 Stat. 3287; Pub. L.
109–221, title IV, § 401(d), May 12, 2006, 120 Stat.
343.)
Editorial Notes
AMENDMENTS
2006—Subsec.
(b).
Pub.
L.
109–221
substituted
‘‘$1,500,000,000’’ for ‘‘$500,000,000’’.
1998—Subsec. (f). Pub. L. 105–362 struck out subsec. (f)
which read as follows: ‘‘If the Secretary determines
that the amount in the fund is not sufficient to main-
tain an adequate level of reserves necessary to meet
the responsibilities of the fund in connection with
losses on loans or surety bonds guaranteed or insured
under this subchapter, the Secretary shall promptly
submit a report notifying Congress of the deficiencies
in the fund.’’
1988—Subsec. (b). Pub. L. 100–442, §§ 3, 5(d), inserted
‘‘or surety bond
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