25 U.S.C. § 5137 — Removal of duplicative appraisals

Page 704 TITLE 25—INDIANS § 5136 1 See References in Text note below. § 5136. Loans to purchasers of highly fractioned land (a) In general The Secretary of Agriculture is authorized to make direct loans in a manner consistent with direct loans pursuant to subtitle D of the Con- solidated Farm and Rural Development Act (7 U.S.C. 1981 et seq.), to any Indian tribe recog- nized by the Secretary of the Interior or tribal corporation established pursuant to the Indian Reorganization Act (25 U.S.C. 477),1 which does not have adequate uncommitted funds, to ac- quire lands or interests therein within the tribe’s reservation as determined by the Sec- retary of the Interior, or within a community in Alaska incorporated by the Secretary pursuant to the Indian Reorganization Act [25 U.S.C. 5101 et seq.], for use of the tribe or the corporation or the members of either. Such loans shall be lim- ited to such Indian tribes or tribal corporations as have reasonable prospects of success in their proposed operations and as are unable to obtain sufficient credit elsewhere at reasonable rates and terms to finance the purposes authorized in sections 5136 to 5143 of this title. (b) Highly fractionated land (1) In general Subject to paragraph (2), the Secretary of Agriculture may make and insure loans in ac- cordance with section 1929 of title 7 to eligible purchasers of highly fractionated land or to intermediaries in order to establish revolving loan funds for the purchase of highly fractionated land under that section. (2) Exclusion Section 5140 of this title shall not apply to trust land, restricted tribal land, or tribal cor- poration land that is mortgaged in accordance with paragraph (1). (Pub. L. 91–229, § 1, Apr. 11, 1970, 84 Stat. 120; Pub. L. 110–234, title V, § 5501, May 22, 2008, 122 Stat. 1161; Pub. L. 110–246, § 4(a), title V, § 5501, June 18, 2008, 122 Stat. 1664, 1922; Pub. L. 113–79, title V, § 5402, Feb. 7, 2014, 128 Stat. 840.) Editorial Notes REFERENCES IN TEXT The Consolidated Farm and Rural Development Act, referred to in subsec. (a), is title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307. Subtitle D of the Act is classi- fied principally to subchapter IV (§ 1981 et seq.) of chap- ter 50 of Title 7, Agriculture. For complete classifica- tion of the Act to the Code, see Short Title note set out under section 1921 of Title 7 and Tables. Tribal corporation established by the Indian Reorga- nization Act (25 U.S.C. 477), referred to in subsec. (a), means a tribal corporation established under section 17 of act June 18, 1934, ch. 576, 48 Stat. 988, which was clas- sified to section 477 of this title prior to editiorial re- classification as section 5124 of this title. The Indian Reorganization Act, referred to in subsec. (a), is act June 18, 1934, ch. 576, 48 Stat. 984, which is classified generally to this chapter. For complete clas- sification of this Act to the Code, see Short Title note set out under section 5101 of this title and Tables. CODIFICATION Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246. Section was formerly classified to section 488 of this title prior to editorial reclassification and renumbering as this section. AMENDMENTS 2014—Subsec. (a). Pub. L. 113–79, § 5402(1), in first sen- tence, substituted ‘‘direct loans in a manner consistent with direct loans pursuant to subtitle D of the Consoli- dated Farm and Rural Development Act (7 U.S.C. 1981 et seq.)’’ for ‘‘loans from the Farmers Home Adminis- tration Direct Loan Account created by section 1988(c) of title 7, and to make and insure loans as provided in sections 1928 and 1929 of title 7’’. Subsec. (b)(1). Pub. L. 113–79, § 5402(2), substituted ‘‘or to intermediaries in order to establish revolving loan funds for the purchase of highly fractionated land under that section’’ for ‘‘pursuant to section 2204(c) of this title’’. 2008—Pub. L. 110–246, § 5501, inserted section catch- line, designated existing provisions as subsec. (a), in- serted heading, and added subsec. (b). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2008 AMENDMENT Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of Title 7, Agriculture. § 5137. Removal of duplicative appraisals Notwithstanding any other law (including reg- ulations), in making loans under section 5136 of this title, borrowers who are Indian tribes, members of Indian tribes, or tribal corporations shall only be required to obtain 1 appraisal under an appraisal standard recognized as of February 7, 2014, by the Secretary or the Sec- retary of the Interior. (Pub. L. 113–79, title V, § 5403, Feb. 7, 2014, 128 Stat. 840.) Editorial Notes CODIFICATION Section was formerly classified to section 488a of this title prior to editorial reclassification and renumbering as this section. Statutory Notes and Related Subsidiaries DEFINITION OF ‘‘SECRETARY’’ ‘‘Secretary’’ as meaning the Secretary of Agri- culture, see section 9001 of Title 7, Agriculture. § 5138. Title in trust to United States Title to land acquired by a tribe or tribal cor- poration with a loan made or insured pursuant to sections 5136 to 5143 of this title may, with the approval of the Secretary of the Interior, be taken by the United States in trust for the tribe or tribal corporation. (Pub. L. 91–229, § 2, Apr. 11, 1970, 84 Stat. 120.) Editorial Notes CODIFICATION Section was formerly classified to section 489 of this title prior to editorial reclassification and renumbering as this section.