25 U.S. Code § 1485 - Sale or assignment of loans and underlying security
The full faith and credit of the United States is pledged to the payment of all loan guarantees and loan insurance made under this subchapter after December 13, 2002.
Notwithstanding section 3302 of title 31, the Secretary may recover from a lender of a loan under this subchapter any damages suffered by the Secretary as a result of a material breach of the obligations of the lender with respect to a guarantee or insurance by the Secretary of the loan.
The Secretary may collect a fee for any loan or guaranteed or insured portion of a loan that is transferred in accordance with this section.
A fiscal transfer agent designated under subsection (f) may be compensated through any of the fees assessed under this section and any interest earned on any funds or fees collected by the fiscal transfer agent while the funds or fees are in the control of the fiscal transfer agent and before the time at which the fiscal transfer agent is contractually required to transfer such funds to the Secretary or to transferees or other holders.
Nothing in this subchapter prohibits the pooling of whole loans or interests in loans transferred under this section.
In promulgating regulations under subsection (i), the Secretary may include such regulations to effect orderly and efficient pooling procedures as the Secretary determines to be necessary.
Not later than 180 days after December 13, 2002, the Secretary shall develop such procedures and promulgate such regulations as are necessary to facilitate, administer, and promote transfers of loans and guaranteed and insured portions of loans under this section.
 See References in Text note below.
2006—Pub. L. 109–221, § 401(b)(1), inserted section catchline.
Subsecs. (a), (b). Pub. L. 109–221, § 401(b)(1), added subsecs. (a) and (b) and struck out former subsecs. (a) and (b), which authorized loan sale or assignment and set forth parameters for initial transfers.
Subsec. (c). Pub. L. 109–221, § 401(b)(2), (3), redesignated subsec. (d) as (c) and struck out former subsec. (c) which set forth requirements for secondary transfers under this subchapter.
Subsec. (c)(2). Pub. L. 109–221, § 401(b)(4), added par. (2) and struck out former par (2) which provided for the incontestability of a guarantee or insurance of a loan under this subchapter with an exception for fraud or misrepresentation.
Subsec. (d). Pub. L. 109–221, § 401(b)(3), redesignated subsec. (e) as (d). Former subsec. (d) redesignated (c).
Subsec. (e). Pub. L. 109–221, § 401(b)(5), designated existing provisions as par. (1), inserted heading, and added par. (2).
Pub. L. 109–221, § 401(b)(3), redesignated subsec. (f) as (e). Former subsec. (e) redesignated (d).
Subsec. (f). Pub. L. 109–221, § 401(b)(6), substituted “subsection (h)” for “subsection (i)” in introductory provisions and struck out “, and issuance of acknowledgments,” after “agent functions” in par. (2)(B).
Pub. L. 109–221, § 401(b)(3), redesignated subsec. (g) as (f). Former subsec. (f) redesignated (e).
Subsec. (g) to (i). Pub. L. 109–221, § 401(b)(3), redesignated subsecs. (h) and (i) as (g) and (h), respectively. Former subsec. (g) redesignated (f).
2002—Pub. L. 107–331 designated existing provisions as subsec. (a), inserted heading and substituted “Any loan guaranteed or insured” for “Any loan guaranteed”, and added subsecs. (b) to (i).
1988—Pub. L. 100–442 amended section generally. Prior to amendment, section read as follows: “Any loan guaranteed hereunder, including the security given therefor, may be sold or assigned by the lender to any financial institution subject to examination and supervision by an agency of the United States or of any State or the District of Columbia.”
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