§ 1484. Application for loan; approval by Secretary; issuance of certificate; limitations on amount of loans to individual Indians or economic enterprises; review by Secretary

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1974

   Indian Financing Act of 1974

   Pub. L. 93–262 title II § 204 · [88 Stat. 77]

   Enacted · 25 U.S.C. § 1484

   Pub. L. 93–262, title II, § 204, Apr. 12, 1974, 88 Stat. 79

   Source evidence

   Code source credit
   Pub. L. 93–262, title II, § 204, Apr. 12, 1974, 88 Stat. 79

   Enacted provision · exact public law section
   Sec. 204. The application for a loan to be guaranteed hereunder shall Application. 25 USC 1484. be submitted to the Secretary for prior approval. Upon approval, the Secretary shall issue a certificate as evidence of the guaranty. Such certificate shall be issued only when, in the judgment of the Secretary, there is a reasonable prospect of repayment. No loan to an individual Indian may be guaranteed or insured which would cause the total unpaid principal indebtedness to exceed $100,000. No loan to an economic enterprise (as defined in section 3) in excess of $100,000, or such lower amount as the Secretary may determine to be appropriate, shall be insured unless prior approval of the loan is obtained from the Secretary.

2. 1984

   Indian Financing Act Amendments of 1984

   Pub. L. 98–449 § 5 · 98 Stat. 1725

   1. Substituted · 25 U.S.C. § 1484

      Pub. L. 98–449 substituted “$350,000” for “$100,000”

   2. Inserted · 25 U.S.C. § 1484

      Pub. L. 98–449 inserted after first sentence “The Secretary shall review each loan application individually and independently from the lender.”

   Source evidence

   Code amendment note
   Pub. L. 98–449 substituted “$350,000” for “$100,000”, and inserted after first sentence “The Secretary shall review each loan application individually and independently from the lender.”

   Enacted provision · exact public law section
   Sec. 5. Section 204 of the Indian Financing Act of 1974 (25 U.S.C. 1484) is amended— (1) by striking out “$100,000” in the fourth sentence and inserting in lieu thereof “$350,000”, (2) by inserting the following sentence after the first sentence: “The Secretary shall review each loan application individually and independently from the lender.”.

3. 1988

   Pub. L. 100–442 § 1 · 102 Stat. 1763

   Substituted · 25 U.S.C. § 1484

   Pub. L. 100–442 substituted “$500,000” for “$350,000”

   Source evidence

   Code amendment note
   Pub. L. 100–442 substituted “$500,000” for “$350,000”.

   Enacted provision · exact public law section
   Section 1. limitations on amount of loans to individual indians or economic enterprises Section 204 of the Indian Financing Act of 1974 (25 U.S.C. 1484) is amended by striking out ‘$350,000” and inserting in lieu thereof “$500,000”.

4. 1990

   Pub. L. 101–644 title III § 303(b) · 104 Stat. 4662

   1. Struck · 25 U.S.C. § 1484

      Pub. L. 101–644 struck out “prior” before “approval” in first sentence

   2. Substituted · 25 U.S.C. § 1484

      Pub. L. 101–644 substituted “may review” for “shall review” in second sentence

   Source evidence

   Code amendment note
   Pub. L. 101–644 struck out “prior” before “approval” in first sentence and substituted “may review” for “shall review” in second sentence.

   Enacted provision · exact public law section
   (b) Section 204 of the Indian Financing Act of 1974 (25 U.S.C. 1484) is amended— (1) by deleting in the first sentence the word “prior”; and (2) by deleting in the second sentence “shall review” and inserting in lieu thereof “may review”.

5. 2002

   Pub. L. 107–331 title I § 103(a) · 116 Stat. 2834

   Substituted · 25 U.S.C. § 1484

   Pub. L. 107–331 substituted “$250,000” for “$100,000”

   Source evidence

   Code amendment note
   Pub. L. 107–331 substituted “$250,000” for “$100,000”.

   Enacted provision · exact public law section
   (a) Limitation on Loan Amounts Without Prior Approval.— Section 204 of the Indian Financing Act of 1974 (25 U.S.C. 1484) is amended in the last sentence by striking “$100,000” and inserting “$250,000”.

7 of 7 references resolved to an enrolled provision