§ 1493. Loan refusal; conditions; prohibition against acquisition of additional loans; payment of claims on loans made in good faith

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 § 213 · [88 Stat. 77]

   Enacted · 25 U.S.C. § 1493

   (Pub. L. 93–262, title II, § 213, Apr. 12, 1974, 88 Stat. 81.)

   Source evidence

   Code source credit
   (Pub. L. 93–262, title II, § 213, Apr. 12, 1974, 88 Stat. 81.)

   Enacted provision · exact public law section
   Sec. 213. Whenever the Secretary finds that any lender or holder of Loan refusal, condition. 25 USC 1493. 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.

1 of 1 references resolved to an enrolled provision