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25 U.S.C. § 493 — Transferred

Federal law — U.S. Code and appendices · legal_authorities

25 U.S.C. § 493 — Transferred

### Statutory Notes #### Codification Section 493 was editorially reclassified as [section 5142 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title25-section5142&num=0&edition=prelim).

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Source location: Title 25, Chapter 14, § 493; chapter-014-miscellaneous.md

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Federal law — U.S. Code and appendices · legal_authorities

25 U.S.C. § 5142 — Reduction of unpaid principal

**(a) In general** The Secretary of Agriculture may, on the application of the borrower of a loan or loans made under sections 5136 to 5143 of this title, reduce the unpaid principal balance of such loan or loans to the current fair market value of the land purchased with the proceeds of the loan or loans if— (1) the fair market value of the land has declined by at least 25 percent since such land was purchased by the borrower; (2) the land has been held by the borrower for a period of at least 5 years; and (3) the Secretary of the Interior finds that the borrower has insufficient income to both repay the loan or loans and provide normal tribal governmental services. **(b) Fair market value** (1) **Appraisal** — Current fair market value under subsection (a) of this section shall be determined through an appraisal by an independent qualified fee appraiser, selected by mutual agreement between the borrower and the Secretary of Agriculture. (2) **Costs** — The cost of appraisals undertaken under paragraph (1) shall be paid by the borrower. **(c) Appeals** Decisions of the Secretary of Agriculture under this section shall be appealable in accordance with the provisions of section 333B 11 See References in Text note below. of the Consolidated Farm and Rural Development Act ([7 U.S.C. 1983b](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1983b&num=0&edition=prelim)). **(d) Future applications** A borrower that had a loan or loans reduced under this section shall not submit an application for another reduction on such loan or loans for a period of 5 years after the initial reduction.

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Federal law — U.S. Code and appendices · legal_authorities

25 U.S.C. § 493 — Transferred

Page 149 TITLE 25—INDIANS § 500c § 489. Transferred Editorial Notes CODIFICATION Section 489 was editorially reclassified as section 5138 of this title. § 490. Transferred Editorial Notes CODIFICATION Section 490 was editorially reclassified as section 5139 of this title. § 491. Transferred Editorial Notes CODIFICATION Section 491 was editorially reclassified as section 5140 of this title. § 492. Transferred Editorial Notes CODIFICATION Section 492 was editorially reclassified as section 5141 of this title. § 493. Transferred Editorial Notes CODIFICATION Section 493 was editorially reclassified as section 5142 of this title. § 494. Transferred Editorial Notes CODIFICATION Section 494 was editorially reclassified as section 5143 of this title. § 494a. Transferred Editorial Notes CODIFICATION Section 494a was editorially reclassified as section 5144 of this title. SUBCHAPTER VI—INDIANS OF ALASKA § 495. Omitted Editorial Notes CODIFICATION Section, act Mar. 3, 1891, ch. 561, § 15, 26 Stat. 1101, which reserved the Annette Islands for the use of the Metlakahtla Indians, was omitted from the Code as being of special and not general application. §§ 496, 497. Repealed. Pub. L. 94–579, title VII, § 704(a), Oct. 21, 1976, 90 Stat. 2792 Section 496, act May 1, 1936, ch. 254, § 2, 49 Stat. 1250, authorized Secretary of the Interior to designate as an Indian reservation any area of land which has been re- served for use and occupancy of Indians or Eskimos under section 280a or former section 495 of this title, ex- ecutive order, etc. Section was formerly classified to section 358a of Title 48, Territories and Insular Posses- sions. Section 497, act May 31, 1938, ch. 304, 52 Stat. 593, au- thorized Secretary of the Interior to reserve tracts

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