25 U.S.C. § 1497a | Supplemental surety bond guarantee

(a)

Amount; eligibility

section 694b of title 15The Secretary is authorized to provide a supplemental surety bond guarantee, not to exceed 20 percent of any loss, for any Indian individual or economic enterprise eligible for a surety guarantee under , so that the aggregate of the two guarantees is 100 percent.

(b)

Conditions

The Secretary may provide a supplemental guarantee under this section only if the Secretary determines that—

(1)

section 694b of title 15 the Indian individual or economic enterprise has secured or will likely secure a surety bond guarantee under ;

(2)

the supplemental guarantee is necessary for the Indian individual or economic enterprise to secure a surety bond;

(3)

no more than 25 percent of the surety’s business is comprised of bonds guaranteed pursuant to this section; and

(4)

the surety will provide appropriate technical 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

section 1497(a) of this titleThe 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 sureties. In setting fees and charges, the Secretary may take into consideration the cost to the surety of providing the services required by paragraph (4) of subsection (b). The receipts from the fees and charges shall be deposited in the Fund established by .

Pub. L. 93–262, title II, § 218 Pub. L. 100–442, § 5(a)Sept. 22, 1988102 Stat. 1764(, as added , , .)

Editorial Notes

Prior Provisions

section 218 of Pub. L. 93–262 Pub. L. 100–442 section 1498 of this titleA prior was renumbered section 219 by and is classified to .