§ 1469 TITLE 25—INDIANS Page 410

capital for the revolving loan fund $50,000,000 exclusive of prior authorizations and appropriations.

(Pub. L. 93–262, title I, §108, Apr. 12, 1974, 88 Stat.

79.)

§ 1469. Rules and regulations

The Secretary shall promulgate rules and regulations to carry out the provisions of this subchapter.

(Pub. L. 93–262, title I, §109, Apr. 12, 1974, 88 Stat.

79.)

SUBCHAPTER II—LOAN GUARANTY AND

INSURANCE

SUBCHAPTER REFERRED TO IN OTHER SECTIONS

This subchapter is referred to in sections 1511, 1541 of

this title.

§ 1481. Statement of purpose

In order to provide access to private money

sources which otherwise would not be available,

the Secretary is authorized (a) to 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; and (b) in lieu of such guaranty,

to 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.

(Pub. L. 93–262, title II, §201, Apr. 12, 1974, 88

Stat. 79; Pub. L. 98–449, §4, Oct. 4, 1984, 98 Stat.

1725.)

AMENDMENTS

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)’’.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 1461 of this title.

§ 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 Insurance Fund established pursuant to section

1497(a) of this title.

(Pub. L. 93–262, title II, §202, Apr. 12, 1974, 88

Stat. 79.)

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 1499 of this title.

§ 1483. Interest rate

Loans guaranteed or insured pursuant to this

subchapter shall bear interest (exclusive of premium charges for insurance, and service charge,

if any) at rates not to exceed such per centum

per annum on the principal obligation outstanding as the Secretary determines to be reasonable

taking into consideration the range of interest

rates prevailing in the private market for similar loans and the risks assumed by the United

States.

(Pub. L. 93–262, title II, §203, Apr. 12, 1974, 88

Stat. 79.)

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 1499 of this title.

§ 1484. Application for loan; approval by Secretary; issuance of certificate; limitations on

amount of loans to individual Indians or economic enterprises; review by Secretary

The application for a loan to be guaranteed

hereunder shall be submitted to the Secretary

for approval. The Secretary may review each

loan application individually and independently

from the lender. Upon approval, the Secretary

shall issue a certificate as evidence of the guaranty. Such certificate shall be issued only when,

in the judgment of the Secretary, there is a reasonable prospect of repayment. No loan to an individual Indian may be guaranteed or insured

which would cause the total unpaid principal indebtedness to exceed $500,000. No loan to an economic enterprise (as defined in section 1452 of

this title) in excess of $100,000, or such lower

amount as the Secretary may determine to be

appropriate, shall be insured unless prior approval of the loan is obtained from the Secretary.

(Pub. L. 93–262, title II, §204, Apr. 12, 1974, 88

Stat. 79; Pub. L. 98–449, §5, Oct. 4, 1984, 98 Stat.

1725; Pub. L. 100–442, §1, Sept. 22, 1988, 102 Stat.

1763; Pub. L. 101–644, title III, §303(b), Nov. 29,

1990, 104 Stat. 4668.)

AMENDMENTS

1990—Pub. L. 101–644 struck out ‘‘prior’’ before ‘‘approval’’ in first sentence and substituted ‘‘may review’’

for ‘‘shall review’’ in second sentence.

1988—Pub. L. 100–442 substituted ‘‘$500,000’’ for

‘‘$350,000’’.

1984—Pub. L. 98–449 substituted ‘‘$350,000’’ for

‘‘$100,000’’, and inserted after first sentence ‘‘The Secretary shall review each loan application individually

and independently from the lender.’’

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 1499 of this title.

§ 1485. Sale or assignment of loans and underlying security

Any loan guaranteed under this subchapter,

including the security given for such loan, may

be sold or assigned by the lender to any person.

(Pub. L. 93–262, title II, §205, Apr. 12, 1974, 88

Stat. 80; Pub. L. 100–442, §2, Sept. 22, 1988, 102

Stat. 1763.)

AMENDMENTS

1988—Pub. L. 100–442 amended section generally. Prior

to amendment, section read as follows: ‘‘Any loan guaranteed hereunder, including the security given therefor, may be sold or assigned by the lender to any financial institution subject to examination and supervision

by an agency of the United States or of any State or

the District of Columbia.’’

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 1499 of this title.