25 U.S.C. § 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 having a form or organization satisfactory to the Secretary, and to individual Indians; or

(2)

insure loans under an agreement approved 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 nonprofit borrowers.

Pub. L. 93–262, title II, § 201Apr. 12, 197488 Stat. 79 Pub. L. 98–449, § 4Oct. 4, 198498 Stat. 1725 Pub. L. 109–221, title IV, § 401(a)May 12, 2006120 Stat. 341(, , ; , , ; , , .)

Editorial Notes

Amendments

Pub. L. 109–221, § 401(a)(1)2006—, (2), (4), inserted section catchline, designated existing provisions as subsec. (a) and inserted heading, substituted “the Secretary 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”

Pub. L. 98–449for “members; and (b) in lieu of such guaranty, to insure”, 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 . See 1984 Amendment note below.

Pub. L. 98–4491984— struck out “who are not members of or eligible for membership in an organization which is making loans to its members” before “; and (b)”.