§ 488. — Agricultural loans to acquire land within reservations.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 25USC488]
TITLE 25--INDIANS
CHAPTER 14--MISCELLANEOUS
SUBCHAPTER V--PROTECTION OF INDIANS AND CONSERVATION OF RESOURCES
Sec. 488. Agricultural loans to acquire land within reservations
The Secretary of Agriculture is authorized to make loans from the
Farmers Home Administration Direct Loan Account created by section
1988(c) \1\ of title 7, and to make and insure loans as provided in
sections 1928 \1\ and 1929 of title 7, to any Indian tribe recognized by
the Secretary of the Interior or tribal corporation established pursuant
to the Indian Reorganization Act (25 U.S.C. 477), which does not have
adequate uncommitted funds, to acquire lands or interests therein within
the tribe's reservation as determined by the Secretary of the Interior,
or within a community in Alaska incorporated by the Secretary pursuant
to the Indian Reorganization Act [25 U.S.C. 461 et seq.], for use of the
tribe or the corporation or the members of either. Such loans shall be
limited to such Indian tribes or tribal corporations as have reasonable
prospects of success in their proposed operations and as are unable to
obtain sufficient credit elsewhere at reasonable rates and terms to
finance the purposes authorized in sections 488 to 494 of this title.
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\1\ See References in Text note below.
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(Pub. L. 91-229, Sec. 1, Apr. 11, 1970, 84 Stat. 120.)
References in Text
Section 1988(c) of title 7, referred to in text, was repealed by
Pub. L. 104-127, title VII, Sec. 749(a)(1), Apr. 4, 1996, 110 Stat.
1129.
Section 1928 of title 7, referred to in text, was amended generally
by Pub. L. 104-127, title VI, Sec. 605, Apr. 4, 1996, 110 Stat. 1086,
and, as so amended, no longer contains provisions relating to insurance
of loans.
Tribal corporation established by the Indian Reorganization Act (25
U.S.C. 477), referred to in text, means a tribal corporation established
under act June 18, 1934, ch. 576, Sec. 17, 48 Stat. 988, which is
classified to section 477 of this title.
The Indian Reorganization Act, referred to in text, is act June 18,
1934, ch. 576, 48 Stat. 984, as amended, which is classified generally
to this subchapter. For complete classification of this Act to the Code,
see Short Title note set out under section 461 of this title and Tables.
Section Referred to in Other Sections
This section is referred to in sections 489, 490, 491, 492, 493, 494
of this title; title 7 section 1985.
