In order to provide access to private money sources which otherwise would not be available, the Secretary may—
(1)guarantee not to exceed 90 per centum of the unpaid principal and interest due on any loan made to any organization of Indians having a form or organization satisfactory to the Secretary, and to individual Indians; or
(2)insure loans under an agreement approved by the Secretary whereby the lender will be reimbursed for losses in an amount not to exceed 15 per centum of the aggregate of such loans made by it, but not to exceed 90 per centum of the loss on any one loan.
(b) Eligible borrowers
The Secretary may guarantee or insure loans under subsection (a) to both for-profit and nonprofit borrowers.
for “members; and (b) in lieu of such guaranty, to insure”, was executed by making the substitution for “and (b) in lieu of such guaranty, to insure” to reflect the probable intent of Congress and the amendment by Pub. L. 98–449. See 1984 Amendment note below.
1984—Pub. L. 98–449struck out “who are not members of or eligible for membership in an organization which is making loans to its members” before “; and (b)”.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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Description of Change
Statutes at Large
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