§ 1497. Indian Loan Guaranty and Insurance Fund

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 § 217 · [88 Stat. 77]

   Enacted · 25 U.S.C. § 1497

   Pub. L. 93–262, title II, § 217, Apr. 12, 1974, 88 Stat. 82

   Source evidence

   Code source credit
   Pub. L. 93–262, title II, § 217, Apr. 12, 1974, 88 Stat. 82

   Enacted provision · exact public law section
   Sec. 217. (a) 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 title. (b) The Secretary may use the fund for the purpose of fulfilling the obligations with respect to loans guaranteed or insured under this title, but the aggregate of such loans which are insured or guaranteed by the Secretary shall be limited to $200,000,000. (c) 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 held, guaranteed, or insured by him under this title and purchasing such guaranteed or insured loans on such terms and conditions as he may prescribe. (d) 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 which are guaranteed or insured under this title or held by the Secretary, to acquire such security property at foreclosure sale or otherwise, and to pay administrative expenses.

2. 1984

   Indian Financing Act Amendments of 1984

   Pub. L. 98–449 § 7 · 98 Stat. 1725

   Added · 25 U.S.C. § 1497(e)

   Pub. L. 98–449 added subsec. (e)

   Source evidence

   Code amendment note
   Subsec. (e). Pub. L. 98–449 added subsec. (e).

   Enacted provision · exact public law section
   Sec. 7. Section 217 of the Indian Financing Act of 1974 (25 U.S.C. Appropriation authorization. 1497) is amended by adding at the end thereof the following new subsection: “(e) 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 guaranteed or insured under this title. All collections shall remain until expended.”.

3. 1988

   Pub. L. 100–442 · 102 Stat. 1763

   1. Inserted · 25 U.S.C. § 1497(b)

      Pub. L. 100–442, §§ 3, 5(d), inserted “or surety bonds” after “loans” in two places

   2. Substituted · 25 U.S.C. § 1497(b)

      Pub. L. 100–442, §§ 3, 5(d), substituted “$500,000,000” for “$200,000,000”

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 100–442, §§ 3, 5(d), inserted “or surety bonds” after “loans” in two places and substituted “$500,000,000” for “$200,000,000”.

4. 1988

   Pub. L. 100–442 § 5(d) · 102 Stat. 1763

   Inserted · 25 U.S.C. § 1497(c); 25 U.S.C. § 1497(d)

   Pub. L. 100–442, § 5(d), inserted “or surety bonds” after “loans” wherever appearing

   Source evidence

   Code amendment note
   Subsecs. (c), (d). Pub. L. 100–442, § 5(d), inserted “or surety bonds” after “loans” wherever appearing.

   Enacted provision · exact public law section
   (d) Section 217 of the Indian Financing Act of 1974 is amended by striking the word “loans” each time it appears and inserting, in lieu thereof, the phrase “loans or surety bonds”.

5. 1988

   Pub. L. 100–442 · 102 Stat. 1763

   1. Inserted · 25 U.S.C. § 1497(e)

      Pub. L. 100–442, §§ 4(a), 5(d), inserted “or surety bonds” after “loans”

   2. Substituted · 25 U.S.C. § 1497(e)

      Pub. L. 100–442, §§ 4(a), 5(d), substituted “All collections and all moneys appropriated pursuant to the authority of this subsection shall remain available” for “All collections shall remain”

   Source evidence

   Code amendment note
   Subsec. (e). Pub. L. 100–442, §§ 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”.

6. 1988

   Pub. L. 100–442 § 4(b) · 102 Stat. 1763

   Added · 25 U.S.C. § 1497(f)

   Pub. L. 100–442, § 4(b), added subsec. (f)

   Source evidence

   Code amendment note
   Subsec. (f). Pub. L. 100–442, § 4(b), added subsec. (f).

   Enacted provision · exact public law section
   (b) Section 217 of the Indian Financing Act of 1974 is amended by adding at the end thereof the following new subsection: “(f) If the Secretary determines that the amount in the fund is not Reports. 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 title, the Secretary shall promptly submit a report notifying Congress of the deficiencies in the fund.”.

7. 1998

   Federal Reports Elimination Act of 1998

   Pub. L. 105–362 title VIII § 801(b) · 112 Stat. 3280

   Struck · 25 U.S.C. § 1497(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.”

   Source evidence

   Code amendment note
   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.”

   Enacted provision · exact public law section
   (b) Reports Under the Indian Financing Act of 1974.— Section 217 of the Indian Financing Act of 1974 (25 U.S.C. 1497) is amended by striking subsection (f).

8. 2006

   Native American Technical Corrections Act of 2006

   Pub. L. 109–221 title IV § 401(d) · 120 Stat. 336

   Substituted · 25 U.S.C. § 1497(b)

   Pub. L. 109–221 substituted “$1,500,000,000” for “$500,000,000”

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 109–221 substituted “$1,500,000,000” for “$500,000,000”.

   Enacted provision · exact public law section
   (d) Aggregate Loans or Surety Bonds Limitation.— Section 217(b) of the Indian Financing Act of 1974 (25 U.S.C. 1497(b)) is amended by striking “$500,000,000” and inserting “$1,500,000,000”.

6 of 10 references resolved to an enrolled provision · 4 partial