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25 U.S.C. § 1487 — Application for loan; approval by Secretary; issuance of certificate; limitations on amount of loans to individual Indians or economic enterprises; review by Secretary
Federal law — U.S. Code and appendices · legal_authorities
The application for a loan to be guaranteed hereunder shall be submitted to the Secretary for approval. The Secretary may review each loan application individually and independently from the lender. Upon approval, the Secretary shall issue a certificate as evidence of the guaranty. Such certificate shall be issued only when, in the judgment of the Secretary, there is a reasonable prospect of repayment. No loan to an individual Indian may be guaranteed or insured which would cause the total unpaid principal indebtedness to exceed $500,000. No loan to an economic enterprise (as defined in [section 1452 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title25-section1452&num=0&edition=prelim)) in excess of $250,000, or such lower amount as the Secretary may determine to be appropriate, shall be insured unless prior approval of the loan is obtained from the Secretary.
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Source file: Laws/federal/codes/united-states-code/title-25/section-1487-application-for-loan-approval-by-secretary-issuance-of-certificate-limit--ee716d6f59.md
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Source location: Title 25, Chapter 17, § 1487; chapter-017-financing-economic-development-of-indians-and-indian-organizations.md
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The application for a loan to be guaranteed hereunder shall be submitted to the Secretary for approval. The Secretary may review each loan application individually and independently from the lender. Upon approval, the Secretary shall issue a certificate as evidence of the guaranty. Such certificate shall be issued only when, in the judgment of the Secretary, there is a reasonable prospect of repayment. No loan to an individual Indian may be guaranteed or insured which would cause the total unpaid principal indebtedness to exceed $500,000. No loan to an economic enterprise (as defined in [section 1452 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title25-section1452&num=0&edition=prelim)) in excess of $250,000, or such lower amount as the Secretary may determine to be appropriate, shall be insured unless prior approval of the loan is obtained from the Secretary.
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Federal law — U.S. Code and appendices · legal_authorities
All acceptances of cash settlements by the Commissioner of Indian Affairs for livestock lent by the United States to any individual Indian, or to any tribe, association, corporation, or other group of Indians, and all sales and relending of livestock repaid in kind to the United States on account of such loans are authorized and ratified: Provided, That on and after May 24, 1950, the value of such livestock for the purposes of any such cash settlement shall be based on prevailing market prices in the area and shall be ascertained by a committee composed of three members, one of whom shall be selected by the superintendent of the particular agency, one of whom shall be selected by the chairman of the tribal council, and one of whom shall be selected by the other two members.
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Federal law — U.S. Code and appendices · legal_authorities
Page 234
TITLE 25—INDIANS
§ 1487
§ 1487. Loans eligible for insurance
Any loans insured hereunder shall be re-
stricted to those made by a financial institution
subject to examination and supervision by an
agency of the United States, a State, or the Dis-
trict of Columbia, and to loans made by Indian
organizations from their own funds to other
tribes or organizations of Indians.
(Pub. L. 93–262, title II, § 207, Apr. 12, 1974, 88
Stat. 80.)
§ 1488. Lenders authorized to make loans; de-
crease or increase of liability under the guar-
anty
Loans guaranteed hereunder may be made by
any lender satisfactory to the Secretary, except
as provided in section 1486 of this title. The li-
ability under the guaranty shall decrease or in-
crease pro rata with any decrease or increase in
the unpaid portion of the obligation.
(Pub. L. 93–262, title II, § 208, Apr. 12, 1974, 88
Stat. 80.)
§ 1489. Loans made by certain financial institu-
tions without regard to limitations and re-
strictions of other Federal statutes with re-
spect to certain particulars
Any loan made by any national bank or Fed-
eral savings and loan association, or by any
bank, trust company, building and loan associa-
tion, or insurance company authorized to do
business in the District of Columbia, at least 20
per centum of which is guaranteed hereunder,
may be made without regard to the limitations
and restrictions of any other Federal statute
with respect to (a) ratio of amount of loan to the
value of the property; (b) maturity of loans; (c)
requirement of mortgage or other security; (d)
priority of lien; or (e) percentage of assets which
may be invested in real estate loans.
(Pub. L. 93–262, title II, § 209, Apr. 12, 1974, 88
Stat. 80.)
§ 1490. Maturity of loans
The maturity of any lo
Source: Supplied 2024 U.S. Code historical extraction · 25 U.S.C. § 1487
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