A bill to amend the Indian Financing Act of 1974, to provide for sale and assignment of loans and underlying security, and for other purposes.

Bill: 109-s-1758
Sponsor: Sen. McCain, John [R-AZ]
Introduced: 2005-09-22 in the Senate
Policy area: Native Americans
Subjects: Community development banking
Economics and Public Finance
Federal aid to Indians
Federally-assisted loans
Federally-guaranteed loans
Finance and Financial Sector
Minorities
Surety and fidelity

Summary:
action_date: 2005-09-22
text: 
Amends the Indian Financing Act of 1974 with respect to loan guaranty and insurance to: (1) authorize the Secretary of the Interior to guarantee or insure loans to both for-profit and nonprofit borrowers; and (2) allow all or any portion of a guaranteed or insured loan, including its security, to be transferred by the lender by sale or assignment to any person, and be retransferred by the transferee.

Allows a fiscal transfer agent to be compensated through any of the fees assessed and any interest earned on any funds or fees the agent has collected while the funds or fees are in the agent's control and before the time at which the agent is contractually required to transfer such funds to the Secretary or to transferees or other holders.

Makes loans made by an eligible Native American owned or operated Community Development Finance Institution eligible for guaranty or insurance.

Increases from $500 million to $1.5 billion the amount of loans the Bureau of Indian Affairs can have outstanding.

action_date: 2005-09-22
text: 

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

Amends the Indian Financing Act of 1974 with respect to loan guaranty and insurance to: (1) authorize the Secretary of the Interior to guarantee or insure loans to both for-profit and nonprofit borrowers; and (2) allow all or any portion of a guaranteed or insured loan, including its security, to be transferred by the lender by sale or assignment to any person, and be retransferred by the transferee.

Allows a fiscal transfer agent to be compensated through any of the fees assessed and any interest earned on any funds or fees the agent has collected while the funds or fees are in the agent's control and before the time at which the agent is contractually required to transfer such funds to the Secretary or to transferees or other holders.

Makes loans made by an eligible Community Development Finance Institution eligible for guaranty or insurance.

Increases from $500 million to $1.5 billion the amount of loans the Bureau of Indian Affairs can have outstanding.
 


Legislative actions:
action_date: 2005-09-26
text: Referred to the House Committee on Resources.
action_date: 2005-09-26
text: Message on Senate action sent to the House.
action_date: 2005-09-26
text: Received in the House.
action_date: 2005-09-22
text: Introduced in the Senate, read twice, considered, read the third time, and passed without amendment by Unanimous Consent. (consideration: CR S10388-10389; text as passed Senate: CR S10389)
action_date: 2005-09-22
text: Passed/agreed to in Senate: Introduced in the Senate, read twice, considered, read the third time, and passed without amendment by Unanimous Consent.(consideration: CR S10388-10389; text as passed Senate: CR S10389)
action_date: 2005-09-22
text: Introduced in Senate