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25 U.S.C. § 1462Economic development; educational loans; limitation of loans to or investments in non-Indian organizations

submitted 52 years ago by Pub. L. 93-262 to r/title-25-INDIANS · 86 words · no verdicts yet

in plain englishAI-generated · not legal advice

Loans may support economic development of individual Indians or Indian organizations, including education and certain lending or investments. No more than half of an organization’s loan may be used for loans to or investments in non-Indian organizations.

Loans may be made for purposes that promote the economic development of (a) an individual Indian, including education, or (b) an Indian organization and its members, including the organization’s loans to or investments in other organizations whether or not they are Indian organizations. No more than 50 percent of a loan to an organization may be used for loans to or investments in non-Indian organizations.
the actual law source: uscode.house.gov ↗public domain

Loans may be made for any purpose which will promote the economic development of (a) the individual Indian borrower, including loans for educational purposes, and (b) the Indian organization and its members including loans by such organizations to other organizations and investments in other organizations regardless of whether they are organizations of Indians: Provided, That not more than 50 per centum of loan made to an organization shall be used by such organization for the purpose of making loans to or investments in non-Indian organizations.

Source credit: (Pub. L. 93–262, title I, § 102, Apr. 12, 1974, 88 Stat. 78.)

history & why it existsrecord from the source credit
  • 1974Enacted · Pub. L. 93-262 · 88 Stat. 78

A history note hasn’t been published yet. The record shows enactment by Pub. L. 93-262 on 1974-04-12.

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