§ 1481. — Statement of purpose.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 25USC1481]
TITLE 25--INDIANS
CHAPTER 17--FINANCING ECONOMIC DEVELOPMENT OF INDIANS AND INDIAN
ORGANIZATIONS
SUBCHAPTER II--LOAN GUARANTY AND INSURANCE
Sec. 1481. Statement of purpose
In order to provide access to private money sources which otherwise
would not be available, the Secretary is authorized (a) to 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; and (b) in
lieu of such guaranty, to 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.
(Pub. L. 93-262, title II, Sec. 201, Apr. 12, 1974, 88 Stat. 79; Pub. L.
98-449, Sec. 4, Oct. 4, 1984, 98 Stat. 1725.)
Amendments
1984--Pub. L. 98-449 struck out ``who are not members of or eligible
for membership in an organization which is making loans to its members''
before ``; and (b)''.
Section Referred to in Other Sections
This section is referred to in section 1461 of this title.
