§ 1461. — Administration as single Indian Revolving Loan Fund sums from diverse sources; availability of fund for loans to Indians and for administrative expenses.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 25USC1461]
TITLE 25--INDIANS
CHAPTER 17--FINANCING ECONOMIC DEVELOPMENT OF INDIANS AND INDIAN
ORGANIZATIONS
SUBCHAPTER I--INDIAN REVOLVING LOAN FUND
Sec. 1461. Administration as single Indian Revolving Loan Fund
sums from diverse sources; availability of fund for loans to
Indians and for administrative expenses
In order to provide credit that is not available from private money
markets, or to supplement funds from private lenders, including loans
guaranteed by the Secretary pursuant to section 1481 of this title, all
funds that are now or hereafter a part of the revolving fund authorized
by the Act of June 18, 1934 (48 Stat. 986) [25 U.S.C. 461 et seq.], the
Act of June 26, 1936 (49 Stat. 1967) [25 U.S.C. 501 et seq.], and the
Act of April 19, 1950 (64 Stat. 44) [25 U.S.C. 631 et seq.], as amended
and supplemented, including sums received in settlement of debts of
livestock pursuant to sections 442 and 443 of this title, and sums
collected in repayment of loans heretofore or hereafter made, and as
interest or other charges on loans, shall hereafter be administered as a
single Indian Revolving Loan Fund. The fund shall be available for loans
to Indians having a form of organization that is satisfactory to the
Secretary and for loans to individual Indians: Provided, That, where the
Secretary determines a rejection of a loan application from a member of
an organization making loans to its membership from moneys borrowed from
the fund is unwarranted, he may, in his discretion, make a direct loan
to such individual from the fund. The fund shall also be available for
administrative expenses incurred in connection therewith, or, in the
discretion of the Secretary of the Interior, as a contribution to the
Indian Loan Guaranty and Insurance Fund authorized by section 1497 of
this title, or for the payment of interest subsidies authorized by
section 1511 of this title.
(Pub. L. 93-262, title I, Sec. 101, Apr. 12, 1974, 88 Stat. 78; Pub. L.
98-449, Sec. 2, Oct. 4, 1984, 98 Stat. 1725; Pub. L. 101-644, title III,
Sec. 303(a), Nov. 29, 1990, 104 Stat. 4667.)
References in Text
Act of June 18, 1934, referred to in text, popularly known as the
Indian Reorganization Act, is classified generally to subchapter V
(Sec. 461 et seq.) of chapter 14 of this title. Provisions of the act
establishing the revolving fund are set out in section 470 of this
title. For complete classification of this Act to the Code, see Short
Title note set out under section 461 of this title and Tables.
Act of June 26, 1936, referred to in text, popularly known as the
Oklahoma Welfare Act, is classified generally to subchapter VIII
(Sec. 501 et seq.) of chapter 14 of this title. Provisions of the act
relating to the revolving fund appear in section 506 of this title. For
complete classification of this Act to the Code, see Short Title note
set out under section 501 of this title and Tables.
Act of April 19, 1950, referred to in text, is classified generally
to subchapter XXI (Sec. 631 et seq.) of chapter 14 of this title.
Provisions of the act relating to the revolving fund appear in section
634 of this title. For complete classification of this Act to the Code,
see Tables.
Amendments
1990--Pub. L. 101-644 substituted ``money markets, or to supplement
funds from private lenders, including loans guaranteed by the Secretary
pursuant to section 1481 of this title,'' for ``money markets,'' in
first sentence and inserted before period at end of third sentence ``,
or, in the discretion of the Secretary of the Interior, as a
contribution to the Indian Loan Guaranty and Insurance Fund authorized
by section 1497 of this title, or for the payment of interest subsidies
authorized by section 1511 of this title''.
1984--Pub. L. 98-449 which directed that ``which are not members of
or eligible for membership in an organization which is making loans to
its members'' be struck out was executed by striking out ``who are not
members of or eligible for membership in an organization which is making
loans to its members'' before proviso.
