Source: http://www.law.cornell.edu/uscode/text/25/488?qt-us_code_tabs=3
Timestamp: 2014-08-20 22:51:54
Document Index: 175976445

Matched Legal Cases: ['§ 488', '§ 488', '§ 488', '§ 1', '§ 5501', '§ 4', '§ 5501', '§ 5402', '§ 1981', '§ 17', '§ 5402', '§ 5402', '§ 5501', '§ 4882014113', 'art 15', 'art 770', 'art 151']

25 U.S. Code § 488 - Loans to purchasers of highly fractioned land | LII / Legal Information Institute
U.S. Code › Title 25 › Chapter 14 › Subchapter V › § 488 25 U.S. Code § 488 - Loans to purchasers of highly fractioned land
In general The Secretary of Agriculture is authorized to make direct loans in a manner consistent with direct loans pursuant to subtitle D of the Consolidated Farm and Rural Development Act (7 U.S.C. 1981 et seq.), to any Indian tribe recognized by the Secretary of the Interior or tribal corporation established pursuant to the Indian Reorganization Act (25 U.S.C. 477), which does not have adequate uncommitted funds, to acquire lands or interests therein within the tribe’s reservation as determined by the Secretary of the Interior, or within a community in Alaska incorporated by the Secretary pursuant to the Indian Reorganization Act [25 U.S.C. 461 et seq.], for use of the tribe or the corporation or the members of either. Such loans shall be limited to such Indian tribes or tribal corporations as have reasonable prospects of success in their proposed operations and as are unable to obtain sufficient credit elsewhere at reasonable rates and terms to finance the purposes authorized in sections 488 to 494 of this title.
Highly fractionated land (1)
In general Subject to paragraph (2), the Secretary of Agriculture may make and insure loans in accordance with section 1929 of title 7 to eligible purchasers of highly fractionated land or to intermediaries in order to establish revolving loan funds for the purchase of highly fractionated land under that section.
Exclusion Section 491 of this title shall not apply to trust land, restricted tribal land, or tribal corporation land that is mortgaged in accordance with paragraph (1).
(Pub. L. 91–229, § 1,Apr. 11, 1970, 84 Stat. 120; Pub. L. 110–234, title V, § 5501,May 22, 2008, 122 Stat. 1161; Pub. L. 110–246, § 4(a), title V, § 5501,June 18, 2008, 122 Stat. 1664, 1922; Pub. L. 113–79, title V, § 5402,Feb. 7, 2014, 128 Stat. 840.)
The Consolidated Farm and Rural Development Act, referred to in subsec. (a), is title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307. Subtitle D of the Act is classified principally to subchapter IV (§ 1981 et seq.) of chapter 50 of Title 7, Agriculture. For complete classification of the Act to the Code, see Short Title note set out under section 1921 of Title 7 and Tables.
Tribal corporation established by the Indian Reorganization Act (25 U.S.C. 477), referred to in subsec. (a), means a tribal corporation established under act June 18, 1934, ch. 576, § 17,48 Stat. 988, which is classified to section 477 of this title.
The Indian Reorganization Act, referred to in subsec. (a), is act June 18, 1934, ch. 576, 48 Stat. 984, which is classified generally to this subchapter. For complete classification of this Act to the Code, see Short Title note set out under section 461 of this title and Tables.
2014—Subsec. (a). Pub. L. 113–79, § 5402(1), in first sentence, substituted “direct loans in a manner consistent with direct loans pursuant to subtitle D of the Consolidated Farm and Rural Development Act (7 U.S.C. 1981 et seq.)” for “loans from the Farmers Home Administration Direct Loan Account created by section 1988
(c) of title 7, and to make and insure loans as provided in sections 1928 and 1929 of title 7”.
Subsec. (b)(1). Pub. L. 113–79, § 5402(2), substituted “or to intermediaries in order to establish revolving loan funds for the purchase of highly fractionated land under that section” for “pursuant to section 2204
2008—Pub. L. 110–246, § 5501, inserted section catchline, designated existing provisions as subsec. (a), inserted heading, and added subsec. (b).
25 USCDescription of ChangeSession YearPublic LawStatutes at Large § 4882014113-79 [Sec.] 5402128 Stat. 840 This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.7 CFR - Agriculture7 CFR Part 15 - NONDISCRIMINATION7 CFR Part 770 - INDIAN TRIBAL LAND ACQUISITION LOANS
25 CFR - Indians25 CFR Part 151 - LAND ACQUISITIONS