To amend the Indian Financing Act of 1974 to improve the effectiveness of the Indian loan guarantee and insurance program.
Permits the transfer (currently sale or assign only) of insured or guaranteed loans made under such Act. Requires that the Secretary of the Interior be notified of such transfers.
Continues the lender's obligation on the guarantee or insurance agreement, responsibility for servicing, and status as the secured creditor of record notwithstanding any transfer.
Pledges the full faith and credit of the United States behind loan guarantees and loan insurance made under this Act.
Authorizes the Secretary to recover damages from a lender for material breach of obligations under a guaranteed or insured loan.
Became Public Law No: 107-331.
Introduced in House
Introduced in House
Referred to the House Committee on Resources.
Executive Comment Requested from Interior.
Committee Hearings Held.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended) by Unanimous Consent.
Reported (Amended) by the Committee on Resources. H. Rept. 107-630.
Reported (Amended) by the Committee on Resources. H. Rept. 107-630.
Placed on the Union Calendar, Calendar No. 379.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line