25 U.S.C. § 1481 — Loan guaranties and insurance
submitted 52 years ago by Pub. L. 93-262 to r/title-25-INDIANS · 128 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
In order to provide access to private money sources which otherwise would not be available, the Secretary* may—
guarantee not to exceed 90 per centum of the unpaid principal and interest due on any loan made to any organization of Indians having a form or organization satisfactory to the Secretary, and to individual Indians; or
insure loans under an agreement approved by the Secretary whereby the lender will be reimbursed for losses in an amount not to exceed 15 per centum of the aggregate of such loans made by it, but not to exceed 90 per centum of the loss on any one loan.
The Secretary may guarantee or insure loans under subsection (a) to both for-profit and nonprofit borrowers.
Source credit: (Pub. L. 93–262, title II, § 201, Apr. 12, 1974, 88 Stat. 79; Pub. L. 98–449, § 4, Oct. 4, 1984, 98 Stat. 1725; Pub. L. 109–221, title IV, § 401(a), May 12, 2006, 120 Stat. 341.)
- 1974Enacted · Pub. L. 93-262 · 88 Stat. 79
- 1984Amended · Pub. L. 98-449 · 98 Stat. 1725
- 2006Amended · Pub. L. 109-221 · 120 Stat. 341
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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