
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 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 $100,000, 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.)


                               Amendments

    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.
