25 U.S.C. § 1498 — Rules and regulations

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 bonds’’ after ‘‘loans’’ in two places and sub- stituted ‘‘$500,000,000’’ for ‘‘$200,000,000’’. Subsecs. (c), (d). Pub. L. 100–442, § 5(d), inserted ‘‘or surety bonds’’ after ‘‘loans’’ wherever appearing. Subsec. (e). Pub. L. 100–442, §§ 4(a), 5(d), inserted ‘‘or surety bonds’’ after ‘‘loans’’ and substituted ‘‘All col- lections and all moneys appropriated pursuant to the authority of this subsection shall remain available’’ for ‘‘All collections shall remain’’. Subsec. (f). Pub. L. 100–442, § 4(b), added subsec. (f). 1984—Subsec. (e). Pub. L. 98–449 added subsec. (e). Statutory Notes and Related Subsidiaries LIMITATION ON NEW CREDIT AUTHORITY Pub. L. 100–442, § 4(c), Sept. 22, 1988, 102 Stat. 1763, pro- vided that: ‘‘Any new credit authority (as defined in section 3 of the Congressional Budget and Impound- ment Control Act of 1974 [2 U.S.C. 622]) which is pro- vided by amendments made by this Act [enacting sec- tions 1497a, 1499, and 1544 of this title and amending this section and sections 1452, 1484, 1485, 1496, and 1498 of this title] shall be effective only to such extent and in such amounts as may be approved in advance in ap- propriation Acts.’’ § 1497a. Supplemental surety bond guarantee (a) Amount; eligibility The Secretary is authorized to provide a sup- plemental surety bond guarantee, not to exceed 20 percent of any loss, for any Indian individual or economic enterprise eligible for a surety guarantee under section 694b of title 15, so that the aggregate of the two guarantees is 100 per- cent. (b) Conditions The Secretary may provide a supplemental guarantee under this section only if the Sec- retary determines that— (1) the Indian individual or economic enter- prise has secured or will likely secure a surety bond guarantee under section 694b of title 15; (2) the supplemental guarantee is necessary for the Indian individual or economic enter- prise to secure a surety bond; (3) no more than 25 percent of the surety’s business is comprised of bonds guaranteed pur- suant to this section; and (4) the surety will provide appropriate tech- nical assistance and advice to, and monitor the performance of, the Indian individual or economic enterprise for the prevention or mitigation of a loss. (c) Fees and charges The rules and regulations promulgated by the Secretary to carry out this section shall include the setting of reasonable fees to be paid by the Indian individual or economic enterprise and reasonable premium charges to be paid by sure- ties. In setting fees and charges, the Secretary may take into consideration the cost to the sur- ety of providing the services required by para- graph (4) of subsection (b). The receipts from the fees and charges shall be deposited in the Fund established by section 1497(a) of this title. (Pub. L. 93–262, title II, § 218, as added Pub. L. 100–442, § 5(a), Sept. 22, 1988, 102 Stat. 1764.) Editorial Notes PRIOR PROVISIONS A prior section 218 of Pub. L. 93–262 was renumbered section 219 by Pub. L. 100–442 and is classified to section 1498 of this title. § 1498. 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 II, § 219, formerly § 218, Apr. 12, 1974, 88 Stat. 82; renumbered § 219, Pub. L. 100–442, § 5(a), Sept. 22, 1988, 102 Stat. 1764.) § 1499. Limitation on guarantee of debt issues; approval of bond issue sale (a) The Secretary may guarantee not to ex- ceed 90 percent of the unpaid principal and in- terest due on an issue of bonds, debentures, or similar obligations issued by an organization satisfactory to the Secretary. Such an issue shall be deemed a loan for purposes of sections 1482, 1483, 1484, 1485, 1486, 1489, 1490, 1491, 1493, 1494, 1495, 1496, and 1497 of this title. (b) The method by which an issue of bonds guaranteed under this section may be sold shall be subject to approval by the Secretary. (Pub. L. 93–262, title II, § 220, as added Pub. L. 100–442, § 6, Sept. 22, 1988, 102 Stat. 1764.)