25 U.S. Code § 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.

Source

(Pub. L. 93–262, title II, § 204,Apr. 12, 1974, 88 Stat. 79; Pub. L. 98–449, § 5,Oct. 4, 1984, 98 Stat. 1725; Pub. L. 100–442, § 1,Sept. 22, 1988, 102 Stat. 1763; Pub. L. 101–644, title III, § 303(b),Nov. 29, 1990, 104 Stat. 4668; Pub. L. 107–331, title I, § 103(a),Dec. 13, 2002, 116 Stat. 2836.)
Amendments

2002—Pub. L. 107–331substituted “$250,000” for “$100,000”.
1990—Pub. L. 101–644struck out “prior” before “approval” in first sentence and substituted “may review” for “shall review” in second sentence.
1988—Pub. L. 100–442substituted “$500,000” for “$350,000”.
1984—Pub. L. 98–449substituted “$350,000” for “$100,000”, and inserted after first sentence “The Secretary shall review each loan application individually and independently from the lender.”

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

An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.

25 USCDescription of ChangeSession YearPublic LawStatutes at Large

 

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