Application for loan; approval by Secretary; issuance of certificate; limitations on amount of loans to individual Indians or economic enterprises; review by Secretary

  1. Law
  2. USC 25
  3. Indians
  4. FINANCING ECONOMIC DEVELOPMENT OF INDIANS AND INDIAN ORGANIZATIONS
  5. LOAN GUARANTY AND INSURANCE
  6. Application for loan; approval by Secretary; issuance of certificate; limitations on amount of loans to individual Indians or economic enterprises; review by Secretary

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§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 $250,000, 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 ; Pub. L. 107–331, title I, §103(a), Dec. 13, 2002, 116 Stat. 2836 .)

Amendments

2002-Pub. L. 107–331 substituted "$250,000" for "$100,000".

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."


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