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25 U.S.C. § 1488 — Lenders authorized to make loans; decrease or increase of liability under the guaranty

submitted 52 years ago by Pub. L. 93-262 to r/title-25-INDIANS · 46 words · no verdicts yet

in plain englishAI-generated · not legal advice

A satisfactory lender may make guaranteed loans unless section 1486 says otherwise. The guarantee changes in proportion to the unpaid obligation.

A lender satisfactory to the Secretary may make loans guaranteed under this subchapter, except as section 1486 provides. The guaranteed liability decreases or increases in the same proportion as the unpaid part of the obligation decreases or increases.
the actual law source: uscode.house.gov ↗public domain

Loans guaranteed hereunder may be made by any lender satisfactory to the Secretary, except as provided in section 1486 of this title. The liability under the guaranty shall decrease or increase pro rata with any decrease or increase in the unpaid portion of the obligation.

Source credit: (Pub. L. 93–262, title II, § 208, Apr. 12, 1974, 88 Stat. 80.)

history & why it existsrecord from the source credit
  • 1974Enacted · Pub. L. 93-262 · 88 Stat. 80

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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