25 U.S.C. § 1468 — Authorization of appropriations

Page 231 TITLE 25—INDIANS § 1482 (Pub. L. 93–262, title I, § 104, Apr. 12, 1974, 88 Stat. 78.) § 1465. Modification of amount of loan and docu- ment securing loan in collection of loan or in best interests of the United States The Secretary may cancel, adjust, com- promise, or reduce the amount of any loan or any portion thereof heretofore or hereafter made from the revolving loan fund established by this subchapter and its predecessor con- stituent funds which he determines to be un- collectable in whole or in part, or which is col- lectable only at an unreasonable cost, or when such action would, in his judgment, be in the best interests of the United States. He may also adjust, compromise, subordinate, or modify the terms of any mortgage, lease, assignment, con- tract, agreement, or other document taken to secure such loans. (Pub. L. 93–262, title I, § 105, Apr. 12, 1974, 88 Stat. 78; Pub. L. 98–449, § 3, Oct. 4, 1984, 98 Stat. 1725.) Editorial Notes AMENDMENTS 1984—Pub. L. 98–449 struck out proviso at end of first sentence which provided that proceedings pursuant to this section would be effective only after following the procedure set out in section 386a of this title. § 1466. Land and personal property title Title to any land purchased by a tribe or by an individual Indian with loans made from the re- volving loan fund may be taken in trust unless the land is located outside the boundaries of a reservation or a tribal consolidation area ap- proved by the Secretary. Title to any land pur- chased by a tribe or an individual Indian which is outside the boundaries of the reservation or approved consolidation area may be taken in trust if the purchaser was the owner of trust or restricted interests in the land before the pur- chase, otherwise title shall be taken in the name of the purchasers without any restriction on alienation, control, or use. Title to any personal property purchased with a loan from the revolv- ing loan fund shall be taken in the name of the purchaser. (Pub. L. 93–262, title I, § 106, Apr. 12, 1974, 88 Stat. 78.) § 1467. Security for loan; assignment of securi- ties; reasonable assurance of repayment Any organization receiving a loan from the re- volving loan fund shall be required to assign to the United States as security for the loan all se- curities acquired in connection with the loans made to its members from such funds unless the Secretary determines that the repayment of the loan to the United States is otherwise reason- ably assured. (Pub. L. 93–262, title I, § 107, Apr. 12, 1974, 88 Stat. 79.) § 1468. Authorization of appropriations There is authorized to be appropriated, to pro- vide capital and to restore any impairment of capital for the revolving loan fund $50,000,000 ex- clusive of prior authorizations and appropria- tions. (Pub. L. 93–262, title I, § 108, Apr. 12, 1974, 88 Stat. 79.) § 1469. Rules and regulations The Secretary shall promulgate rules and reg- ulations to carry out the provisions of this sub- chapter. (Pub. L. 93–262, title I, § 109, Apr. 12, 1974, 88 Stat. 79.) SUBCHAPTER II—LOAN GUARANTY AND INSURANCE § 1481. Loan guaranties and insurance (a) In general In order to provide access to private money sources which otherwise would not be available, the Secretary may— (1) guarantee not to exceed 90 per centum of the unpaid principal and interest due on any loan made to any organization of Indians hav- ing a form or organization satisfactory to the Secretary, and to individual Indians; or (2) insure loans under an agreement ap- proved by the Secretary whereby the lender will be reimbursed for losses in an amount not to exceed 15 per centum of the aggregate of such loans made by it, but not to exceed 90 per centum of the loss on any one loan. (b) Eligible borrowers The Secretary may guarantee or insure loans under subsection (a) to both for-profit and non- profit borrowers. (Pub. L. 93–262, title II, § 201, Apr. 12, 1974, 88 Stat. 79; Pub. L. 98–449, § 4, Oct. 4, 1984, 98 Stat. 1725; Pub. L. 109–221, title IV, § 401(a), May 12, 2006, 120 Stat. 341.) Editorial Notes AMENDMENTS 2006—Pub. L. 109–221, § 401(a)(1), (2), (4), inserted sec- tion catchline, designated existing provisions as sub- sec. (a) and inserted heading, substituted ‘‘the Sec- retary may— ‘‘(1) guarantee’’ for ‘‘Secretary is authorized (a) to guarantee’’, and added subsec. (b). Pub. L. 109–221, § 401(a)(3), which directed substitution of ‘‘members; or ‘‘(2) insure’’ for ‘‘members; and (b) in lieu of such guaranty, to in- sure’’, was executed by making the substitution for ‘‘and (b) in lieu of such guaranty, to insure’’ to reflect the probable intent of Congress and the amendment by Pub. L. 98–449. See 1984 Amendment note below. 1984—Pub. L. 98–449 struck out ‘‘who are not members of or eligible for membership in an organization which is making loans to its members’’ before ‘‘; and (b)’’. § 1482. Premium charges; deposits in Indian Loan Guaranty and Insurance Fund The Secretary shall fix such premium charges for the insurance and guarantee of loans as are in his judgment adequate to cover expenses and probable losses, and deposit receipts from such charges in the Indian Loan Guaranty and Insur- ance Fund established pursuant to section 1497(a) of this title.