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25 U.S.C. § 1499 — Indian Loan Guaranty and Insurance Fund
Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment of revolving fund** There is hereby created an Indian Loan Guaranty and Insurance Fund (hereinafter referred to as the “fund”) which shall be available to the Secretary as a revolving fund without fiscal year limitation for carrying out the provisions of this subchapter.
**(b) Aggregate loans or surety bonds limitation** The Secretary may use the fund for the purpose of fulfilling the obligations with respect to loans or surety bonds guaranteed or insured under this subchapter, but the aggregate of such loans or surety bonds which are insured or guaranteed by the Secretary shall be limited to $1,500,000,000.
**(c) Assets, liabilities, and obligations of fund; loan and surety bond servicing and purchasing agreements: terms and conditions** All funds, claims, notes, mortgages, contracts, and property acquired by the Secretary under this section, and all collections and proceeds therefrom, shall constitute assets of the fund; and all liabilities and obligations of such assets shall be liabilities and obligations of the fund. The Secretary is authorized to make agreements with respect to servicing loans or surety bonds held, guaranteed, or insured by him under this subchapter and purchasing such guaranteed or insured loans or surety bonds on such terms and conditions as he may prescribe.
**(d) Utilization of fund for diverse payments** The Secretary may also utilize the fund to pay taxes, insurance, prior liens, expenses necessary 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, a
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Source location: Title 25, Chapter 17, § 1499; chapter-017-financing-economic-development-of-indians-and-indian-organizations.md
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**(a) Establishment of revolving fund** There is hereby created an Indian Loan Guaranty and Insurance Fund (hereinafter referred to as the “fund”) which shall be available to the Secretary as a revolving fund without fiscal year limitation for carrying out the provisions of this subchapter.
**(b) Aggregate loans or surety bonds limitation** The Secretary may use the fund for the purpose of fulfilling the obligations with respect to loans or surety bonds guaranteed or insured under this subchapter, but the aggregate of such loans or surety bonds which are insured or guaranteed by the Secretary shall be limited to $1,500,000,000.
**(c) Assets, liabilities, and obligations of fund; loan and surety bond servicing and purchasing agreements: terms and conditions** All funds, claims, notes, mortgages, contracts, and property acquired by the Secretary under this section, and all collections and proceeds therefrom, shall constitute assets of the fund; and all liabilities and obligations of such assets shall be liabilities and obligations of the fund. The Secretary is authorized to make agreements with respect to servicing loans or surety bonds held, guaranteed, or insured by him under this subchapter and purchasing such guaranteed or insured loans or surety bonds on such terms and conditions as he may prescribe.
**(d) Utilization of fund for diverse payments** The Secretary may also utilize the fund to pay taxes, insurance, prior liens, expenses necessary 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 obligations with respect to losses on loans or surety bonds guaranteed or insured under this subchapter. All collections and all moneys appropriated pursuant to the authority of this subsection shall remain available until expended.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Effect on other laws** This subchapter shall supersede, modify, or repeal any provision of law enacted prior to November 5, 1990, to the extent such provision is inconsistent with this subchapter. Nothing in this subchapter shall be construed to establish a credit limitation on any Federal loan or loan guarantee program.
**(b) Crediting of collections** Collections resulting from direct loans obligated or loan guarantees committed prior to October 1, 1991, shall be credited to the liquidating accounts of Federal agencies. Amounts so credited shall be available, to the same extent that they were available prior to November 5, 1990, to liquidate obligations arising from such direct loans obligated or loan guarantees committed prior to October 1, 1991, including repayment of any obligations held by the Secretary of the Treasury or the Federal Financing Bank. The unobligated balances of such accounts that are in excess of current needs shall be transferred to the general fund of the Treasury. Such transfers shall be made from time to time but, at least once each year.
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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
Source: Supplied 2024 U.S. Code historical extraction · 25 U.S.C. § 1499
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