§ 1484. — Application for loan; approval by Secretary; issuance of certificate; limitations on amount of loans to individual Indians or economic enterprises; review by Secretary.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 25USC1484]
TITLE 25--INDIANS
CHAPTER 17--FINANCING ECONOMIC DEVELOPMENT OF INDIANS AND INDIAN
ORGANIZATIONS
SUBCHAPTER II--LOAN GUARANTY AND INSURANCE
Sec. 1484. Application for loan; approval by Secretary; issuance
of certificate; limitations on amount of loans to individual
Indians or economic enterprises; review by Secretary
The application for a loan to be guaranteed hereunder shall be
submitted to the Secretary for approval. The Secretary may review each
loan application individually and independently from the lender. 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 $500,000. No loan to an
economic enterprise (as defined in section 1452 of this title) in excess
of $250,000, 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.
(Pub. L. 93-262, title II, Sec. 204, Apr. 12, 1974, 88 Stat. 79; Pub. L.
98-449, Sec. 5, Oct. 4, 1984, 98 Stat. 1725; Pub. L. 100-442, Sec. 1,
Sept. 22, 1988, 102 Stat. 1763; Pub. L. 101-644, title III, Sec. 303(b),
Nov. 29, 1990, 104 Stat. 4668; Pub. L. 107-331, title I, Sec. 103(a),
Dec. 13, 2002, 116 Stat. 2836.)
Amendments
2002--Pub. L. 107-331 substituted ``$250,000'' for ``$100,000''.
1990--Pub. L. 101-644 struck out ``prior'' before ``approval'' in
first sentence and substituted ``may review'' for ``shall review'' in
second sentence.
1988--Pub. L. 100-442 substituted ``$500,000'' for ``$350,000''.
1984--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.''
Section Referred to in Other Sections
This section is referred to in section 1499 of this title.
