Indian Land Leasing Act of 2003

Indian Land Leasing Act of 2003 - (Sec. 2) Amends Federal law to permit, upon approval of the Secretary of the Interior (Secretary) and for public, religious, educational, recreational, residential, or business purposes, the leasing of restricted Indian lands for terms of up to 99 years (subject to specified conditions) for: (1) land located on the Confederated Tribes of the Umatilla Indian Reservation, the Burns Paiute Reservation, or on the Muckleshoot Indian Reservation; and (2) land held in trust for the Yurok Tribe, the Hopland Band of Pomo Indians of the Hopland Rancheria, or the Muckleshoot Indian Tribe.

(Sec. 3) Permits (under specified conditions) the Assiniboine and Sioux Tribes of the Fort Peck Reservation (Tribes) to lease to the Northern Border Pipeline Company, tribally-owned land on the Fort Peck Indian Reservation for interstate gas pipelines.

(Sec. 4) Declares that any rental proceeds from the lease of lands acquired from loans provided by the Secretary of Agriculture from the Farmers Home Administration Direct Loan Account to any Indian tribe shall constitute the rental value of that land and satisfy the requirement for appraisal of the land.

(Sec. 5) Authorizes the Reservation, upon approval of the Secretary, to enter into a lease or other temporary conveyance of water rights recognized under the Fort Peck-Montana Compact for the purpose of meeting water needs of the Dry Prairie Rural Water Association, Incorporated.

(Sec. 6) Amends Federal law to permit federally recognized Indian tribes to lease restricted tribal land for up to 99 years (subject to specified conditions) for public, religious, educational, recreational, residential, or business purposes (except for exploration, development, or extraction of any mineral resource) without specific approval of the Secretary if the lease is executed under tribal regulations approved by the Secretary under in this Act.

Requires the Secretary to review proposed tribal regulations from a federally recognized tribe and to approve or disapprove them based upon their consistency with existing regulations.

Requires Indian tribes to provide to the Secretary a copy of the lease and documentation of payments to the tribe from such a lease for land leased without the Secretary's specific approval. Exempts the United States from liability for any loss sustained by any party to such a lease.

Authorizes any person, upon exhaustion of tribal remedies, to petition the Secretary to review a tribe's compliance with its own approved regulations. Requires the Secretary, on completion of the review, to take action to compel compliance with such regulations if they have been breached.