§ 1497. — Indian Loan Guaranty and Insurance Fund.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 25USC1497]
TITLE 25--INDIANS
CHAPTER 17--FINANCING ECONOMIC DEVELOPMENT OF INDIANS AND INDIAN
ORGANIZATIONS
SUBCHAPTER II--LOAN GUARANTY AND INSURANCE
Sec. 1497. Indian Loan Guaranty and Insurance Fund
(a) Establishment of revolving fund
There is hereby created an Indian Loan Guaranty and Insurance Fund
(hereinafter referred to as the ``fund'') which shall be available to
the Secretary as a revolving fund without fiscal year limitation for
carrying out the provisions of this subchapter.
(b) Aggregate loans or surety bonds limitation
The Secretary may use the fund for the purpose of fulfilling the
obligations with respect to loans or surety bonds guaranteed or insured
under this subchapter, but the aggregate of such loans or surety bonds
which are insured or guaranteed by the Secretary shall be limited to
$500,000,000.
(c) Assets, liabilities, and obligations of fund; loan and surety bond
servicing and purchasing agreements: terms and conditions
All funds, claims, notes, mortgages, contracts, and property
acquired by the Secretary under this section, and all collections and
proceeds therefrom, shall constitute assets of the fund; and all
liabilities and obligations of such assets shall be liabilities and
obligations of the fund. The Secretary is authorized to make agreements
with respect to servicing loans or surety bonds held, guaranteed, or
insured by him under this subchapter and purchasing such guaranteed or
insured loans or surety bonds on such terms and conditions as he may
prescribe.
(d) Utilization of fund for diverse payments
The Secretary may also utilize the fund to pay taxes, insurance,
prior liens, expenses necessary to make fiscal adjustments in connection
with the application and transmittal of collections, and other expenses
and advances to protect the Secretary for loans or surety bonds which
are guaranteed or insured under this subchapter or held by the
Secretary, to acquire such security property at foreclosure sale or
otherwise, and to pay administrative expenses.
(e) Authorization of appropriations
There are authorized to be appropriated for each fiscal year
beginning in fiscal year 1985 such sums as may be necessary to fulfill
obligations with respect to losses on loans or surety bonds guaranteed
or insured under this subchapter. All collections and all moneys
appropriated pursuant to the authority of this subsection shall remain
available until expended.
(Pub. L. 93-262, title II, Sec. 217, Apr. 12, 1974, 88 Stat. 82; Pub. L.
98-449, Sec. 7, Oct. 4, 1984, 98 Stat. 1725; Pub. L. 100-442, Secs. 3,
4(a), (b), 5(d), Sept. 22, 1988, 102 Stat. 1763, 1764; Pub. L. 105-362,
title VIII, Sec. 801(b), Nov. 10, 1998, 112 Stat. 3287.)
Amendments
1998--Subsec. (f). Pub. L. 105-362 struck out subsec. (f) which read
as follows: ``If the Secretary determines that the amount in the fund is
not sufficient to maintain an adequate level of reserves necessary to
meet the responsibilities of the fund in connection with losses on loans
or surety bonds guaranteed or insured under this subchapter, the
Secretary shall promptly submit a report notifying Congress of the
deficiencies in the fund.''
1988--Subsec. (b). Pub. L. 100-442, Secs. 3, 5(d), inserted ``or
surety bonds'' after ``loans'' in two places and substituted
``$500,000,000'' for ``$200,000,000''.
Subsecs. (c), (d). Pub. L. 100-442, Sec. 5(d), inserted ``or surety
bonds'' after ``loans'' wherever appearing.
Subsec. (e). Pub. L. 100-442, Secs. 4(a), 5(d), inserted ``or surety
bonds'' after ``loans'' and substituted ``All collections and all moneys
appropriated pursuant to the authority of this subsection shall remain
available'' for ``All collections shall remain''.
Subsec. (f). Pub. L. 100-442, Sec. 4(b), added subsec. (f).
1984--Subsec. (e). Pub. L. 98-449 added subsec. (e).
Limitation on New Credit Authority
Section 4(c) of Pub. L. 100-442 provided that: ``Any new credit
authority (as defined in section 3 of the Congressional Budget and
Impoundment Control Act of 1974 [2 U.S.C. 622]) which is provided by
amendments made by this Act [enacting sections 1497a, 1499, and 1544 of
this title and amending this section and sections 1452, 1484, 1485,
1496, and 1498 of this title] shall be effective only to such extent and
in such amounts as may be approved in advance in appropriation Acts.''
Section Referred to in Other Sections
This section is referred to in sections 1461, 1482, 1497a, 1499 of
this title.
