§ 1497a. — Supplemental surety bond guarantee.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 25USC1497a]
TITLE 25--INDIANS
CHAPTER 17--FINANCING ECONOMIC DEVELOPMENT OF INDIANS AND INDIAN
ORGANIZATIONS
SUBCHAPTER II--LOAN GUARANTY AND INSURANCE
Sec. 1497a. Supplemental surety bond guarantee
(a) Amount; eligibility
The Secretary is authorized to provide a supplemental surety bond
guarantee, not to exceed 20 percent of any loss, for any Indian
individual or economic enterprise eligible for a surety guarantee under
section 694b of title 15, so that the aggregate of the two guarantees is
100 percent.
(b) Conditions
The Secretary may provide a supplemental guarantee under this
section only if the Secretary determines that--
(1) the Indian individual or economic enterprise has secured or
will likely secure a surety bond guarantee under section 694b of
title 15;
(2) the supplemental guarantee is necessary for the Indian
individual or economic enterprise to secure a surety bond;
(3) no more than 25 percent of the surety's business is
comprised of bonds guaranteed pursuant to this section; and
(4) the surety will provide appropriate technical assistance and
advice to, and monitor the performance of, the Indian individual or
economic enterprise for the prevention or mitigation of a loss.
(c) Fees and charges
The rules and regulations promulgated by the Secretary to carry out
this section shall include the setting of reasonable fees to be paid by
the Indian individual or economic enterprise and reasonable premium
charges to be paid by sureties. In setting fees and charges, the
Secretary may take into consideration the cost to the surety of
providing the services required by paragraph (4) of subsection (b) of
this section. The receipts from the fees and charges shall be deposited
in the Fund established by section 1497(a) of this title.
(Pub. L. 93-262, title II, Sec. 218, as added Pub. L. 100-442,
Sec. 5(a), Sept. 22, 1988, 102 Stat. 1764.)
Prior Provisions
A prior section 218 of Pub. L. 93-262 was renumbered section 219 by
Pub. L. 100-442 and is classified to section 1498 of this title.
