507 
erty shall be held by the United States in 
trust for the tribe and the trust or re-
stricted land that has been acquired by the 
Secretary under foreclosure or voluntary 
transfer under a loan made or insured 
under this subtitle and transferred to an 
Indian person, entity, or tribe under this 
paragraph shall be considered to have 
never lost trust or restricted status. 
‘‘(J) APPLICABILITY.— 
‘‘(i) IN
GENERAL.—This paragraph 
shall apply to all land in the land inventory 
established under this subtitle (as of No-
vember 28, 1990) that was (immediately 
prior to the date) owned by an Indian bor-
rower-owner described in subparagraph 
(B) and that is situated within an Indian 
reservation, regardless of the date of fore-
closure or acquisition by the Secretary. 
‘‘(ii) OPPORTUNITY TO PURCHASE OR 
LEASE.—The Secretary shall afford an op-
portunity to an Indian person, entity, or 
tribe to purchase or lease the real property 
as provided in subparagraph (C). 
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sroberts on DSK5SPTVN1PROD with BILLS
508 
‘‘(iii) TRANSFER.—If the right is not 
exercised or no expression of intent to ex-
ercise the right is received within 180 days 
after November 28, 1990, the Secretary 
shall transfer the real property to the Sec-
retary of the Interior as provided in sub-
paragraph (E). 
‘‘(2) ADDITIONAL
RIGHTS.—The rights pro-
vided in this subsection shall be in addition to any 
right of first refusal under the law of the State in 
which the property is located. 
‘‘(3) DISPOSITION OF REAL PROPERTY ON IN-
DIAN
RESERVATIONS
AFTER
PROCEDURES
EX-
HAUSTED.— 
‘‘(A) IN
GENERAL.—The Secretary shall 
dispose of or administer real property described 
in paragraph (1)(B) only as provided in para-
graph (1), as modified by this paragraph, if— 
‘‘(i) the real property described in 
paragraph (1)(B) is located within an In-
dian reservation; 
‘‘(ii) the borrower-owner is an Indian 
tribe that has jurisdiction over the reserva-
tion in which the real property is located 
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sroberts on DSK5SPTVN1PROD with BILLS
509 
or the borrower-owner is a member of an 
Indian tribe; 
‘‘(iii) the borrower-owner has obtained 
a loan made or guaranteed under this sub-
title; and 
‘‘(iv) the borrower-owner and the Sec-
retary have exhausted all of the procedures 
provided for in this subtitle to permit a 
borrower-owner to retain title to the real 
property, so that it is necessary for the 
borrower-owner to relinquish title. 
‘‘(B) NOTICE OF RIGHT TO CONVEY PROP-
ERTY.—The Secretary shall provide the bor-
rower-owner of real property that is described 
in subparagraph (A) with written notice of— 
‘‘(i) the right of the borrower-owner to 
voluntarily convey the real property to the 
Secretary; and 
‘‘(ii) the fact that real property so 
conveyed will be placed in the inventory of 
the Secretary. 
‘‘(C) NOTICE
OF
RIGHTS
AND
PROTEC-
TIONS.—The Secretary shall provide the bor-
rower-owner of the real property with written 
notice of the rights and protections provided 
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sroberts on DSK5SPTVN1PROD with BILLS
510 
under this subtitle to the borrower-owner, and 
the Indian tribe that has jurisdiction over the 
reservation in which the real property is lo-
cated, from foreclosure or liquidation of the real 
property, including written notice— 
‘‘(i) of paragraph (1), this paragraph, 
and subsection (e)(3); 
‘‘(ii) if the borrower-owner does not 
voluntarily convey the real property to the 
Secretary, that— 
‘‘(I) the Secretary may foreclose 
on the property; 
‘‘(II) in the event of foreclosure, 
the property will be offered for sale; 
‘‘(III) the Secretary shall offer a 
bid for the property that is equal to 
the fair market value of the property 
or the outstanding principal and inter-
est of the loan, whichever is higher; 
‘‘(IV) the property may be pur-
chased by another party; and 
‘‘(V) if the property is purchased 
by another party, the property will not 
be placed in the inventory of the Sec-
retary and the borrower-owner will 
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sroberts on DSK5SPTVN1PROD with BILLS
511 
forfeit the rights and protections pro-
vided under this subtitle; and 
‘‘(iii) of the opportunity of the bor-
rower-owner to consult with the Indian 
tribe that has jurisdiction over the reserva-
tion in which the real property is located 
or counsel to determine if State or tribal 
law provides rights and protections that 
are more beneficial than the rights and 
protections provided the borrower-owner 
under this subtitle. 
‘‘(D) ACCEPTANCE
OF
VOLUNTARY
CON-
VEYANCE.— 
‘‘(i) IN
GENERAL.—Except as pro-
vided in clause (ii), the Secretary shall ac-
cept the voluntary conveyance of real prop-
erty described in subparagraph (A). 
‘‘(ii) HAZARDOUS SUBSTANCES.—If a 
hazardous substance (as defined in section 
101(14) of the Comprehensive Environ-
mental Response, Compensation, and Li-
ability Act of 1980 (42 U.S.C. 9601(14))) 
is located on the property and the Sec-
retary takes remedial action to protect 
human health or the environment if the 
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