§ 1493. — Loan refusal; conditions; prohibition against acquisition of additional loans; payment of claims on loans made in good faith.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 25USC1493]
TITLE 25--INDIANS
CHAPTER 17--FINANCING ECONOMIC DEVELOPMENT OF INDIANS AND INDIAN
ORGANIZATIONS
SUBCHAPTER II--LOAN GUARANTY AND INSURANCE
Sec. 1493. Loan refusal; conditions; prohibition against
acquisition of additional loans; payment of claims on loans made
in good faith
Whenever the Secretary finds that any lender or holder of a guaranty
certificate fails to maintain adequate accounting records, or to
demonstrate proper ability to service adequately loans guaranteed or
insured, or to exercise proper credit judgment, or has willfully or
negligently engaged in practices otherwise detrimental to the interests
of a borrower or of the United States, he may refuse, either temporarily
or permanently, to guarantee or insure any further loans made by such
lender or holder, and may bar such lender or holder from acquiring
additional loans guaranteed or insured hereunder: Provided, That the
Secretary shall not refuse to pay a valid guaranty or insurance claim on
loans previously made in good faith.
(Pub. L. 93-262, title II, Sec. 213, Apr. 12, 1974, 88 Stat. 81.)
Section Referred to in Other Sections
This section is referred to in section 1499 of this title.
