An Act to provide for loans to Indian tribes and tribal corporations, and for other purposes
PL 91-229 (S.227), enacted 04/11/1970

120 
PUBLIC LAW 91-229-APR. 11, 1970 
[84 STAT. 
Public Law 91-229 
April 11, 1970 
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To provide for loans to Indian tribes and tribal corporations, and for other 
purposes. 
Be it eiiacted hy the SeTiate and House of Representatives 
of the 
Indians. 
United States of America in Congress asseinbled^ That the Secretary 
of Agriculture is authorized to make loans from the Farmers Home 
Administration Direct Loan Account created by section 338(c), and 
to make and insure loans as provided in sections 308 and 309, of the 
Consolidated Farmers Home Administration Act of 1961, as amended 
^^^5 Stat. 316, 
(7 U.S.C. 1988(c), 1928,1929), to any Indian tribe recognized by the 
8 2 Stat. 770. 
Secretary of the Interior or tribal corporation established pursuant to 
48 Stat. 988. 
^j^g 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 Secre-
tary pursuant to the Indian Reorganization Act, for use of the tribe 
Limitation. 
QJ. ^jjg corporatiou or the members of either. Such loans shall be limited 
to such Indian tribes or tribal corporations as have reasonable pros-
pects 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 this Act. 
Title in trust. 
SEC. 2. Title to land acquired by a tribe or tribal corporation with a 
loan made or insured pursuant to this Act may, with the approval of 
the Secretary of the Interior, be taken by the United States in trust 
for the tribe or tribal corporation. 
Rights and 
gj;c. 3. A tribe or tribal corporation to which a loan is made or 
privi eges. 
iusurcd pursuaut to this Act (1) may waive in writing any immunity 
from suit or liability w^hich it may possess, (2) may mortgage or 
otherwise hypothecate trust or restricted property if (a) authorized 
by its constitution or charter or by a tribal referendum, and (b) 
approved by the Secretary of the Interior, and (3) shall comply with 
rules and regulations prescribed by the Secretary of Agriculture in 
connection with such loans. 
Mortgaged 
g^c. 4. Trust Or restricted tribal or tribal corporation property 
property. 
mortgaged pursuant to this Act shall be subject to foreclosure and 
sale or conveyance in lieu of foreclosure, free of such trust or restric-
tions, in accordance with the laws of the State in which the property 
is located. 
Interest rate. 
gj^c. 5. Loaus made or insured pursuant to this Act will be subject 
to the interest rate provisions of section 307(a) of the Consoli-
7 5 Stat. 308. 
dated Farmers Home Administration Act of 1961, as amended, and 
7 TT^r^ 10*57 
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to the provisions of subtitle D of that Act except sections 340, 341, 
7 use 1990, 
342, and 343 thereof: Provided, That section 334 thereof shall not be 
|'yg5."i°984.^°^^^' construed to subject to taxation any lands or interests therein while 
they are held by an Indian tribe or tribal corporation or by the 
United States in trust for such tribe or tribal corporation pursuant 
to this Act. 
Approved April 11, 1970. 
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