republic-os/legal/us/code/title-25/chapter-17/section-1497.md

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LegalText	25 U.S.C. § 1497	Indian Loan Guaranty and Insurance Fund	us	united_states_code	code_section	25	INDIANS	17	FINANCING ECONOMIC DEVELOPMENT OF INDIANS AND INDIAN ORGANIZATIONS	1497	25 U.S.C. § 1497	current	119-100	2026-06-26	official	https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc25@119-100.zip	/us/usc/t25/s1497	data/legal/raw/us/code/title-25/usc25.xml	9607dd59ff27e5170054676a8605ac0d75581e7970fc9ff0eb9a5ad620333271	d4661d83bff6862be548ac8e843ba61e942ed983aade7cf83cb7dbc3dcd08168	93474782e4b284041bdc4738e29e8e4f049da12cbeefffc64c0056c70a2b2384	2026-07-04	official	legal us-code

25 U.S.C. § 1497 - Indian Loan Guaranty and Insurance Fund

Text

(a) Establishment of revolving fund There is hereby created an Indian Loan Guaranty and Insurance Fund (hereinafter referred to as the “fund”) which shall be available to the Secretary as a revolving fund without fiscal year limitation for carrying out the provisions of this subchapter.

(b) Aggregate loans or surety bonds limitation The Secretary may use the fund for the purpose of fulfilling the obligations with respect to loans or surety bonds guaranteed or insured under this subchapter, but the aggregate of such loans or surety bonds which are insured or guaranteed by the Secretary shall be limited to $1,500,000,000.

(c) Assets, liabilities, and obligations of fund; loan and surety bond servicing and purchasing agreements: terms and conditions All funds, claims, notes, mortgages, contracts, and property acquired by the Secretary under this section, and all collections and proceeds therefrom, shall constitute assets of the fund; and all liabilities and obligations of such assets shall be liabilities and obligations of the fund. The Secretary is authorized to make agreements with respect to servicing loans or surety bonds held, guaranteed, or insured by him under this subchapter and purchasing such guaranteed or insured loans or surety bonds on such terms and conditions as he may prescribe.

(d) Utilization of fund for diverse payments The Secretary may also utilize the fund to pay taxes, insurance, prior liens, expenses necessary to make fiscal adjustments in connection with the application and transmittal of collections, and other expenses and advances to protect the Secretary for loans or surety bonds which are guaranteed or insured under this subchapter or held by the Secretary, to acquire such security property at foreclosure sale or otherwise, and to pay administrative expenses.

(e) Authorization of appropriations There are authorized to be appropriated for each fiscal year beginning in fiscal year 1985 such sums as may be necessary to fulfill obligations with respect to losses on loans or surety bonds guaranteed or insured under this subchapter. All collections and all moneys appropriated pursuant to the authority of this subsection shall remain available until expended.

(Pub. L. 93–262, title II, § 217, Apr. 12, 1974, 88 Stat. 82; Pub. L. 98–449, § 7, Oct. 4, 1984, 98 Stat. 1725; Pub. L. 100–442, §§ 3, 4(a), (b), 5(d), Sept. 22, 1988, 102 Stat. 1763, 1764; Pub. L. 105–362, title VIII, § 801(b), Nov. 10, 1998, 112 Stat. 3287; Pub. L. 109–221, title IV, § 401(d), May 12, 2006, 120 Stat. 343.)

Notes

Editorial Notes

Amendments2006—Subsec. (b). Pub. L. 109–221 substituted “$1,500,000,000” for “$500,000,000”. 1998—Subsec. (f). Pub. L. 105–362 struck out subsec. (f) which read as follows: “If the Secretary determines that the amount in the fund is not sufficient to maintain an adequate level of reserves necessary to meet the responsibilities of the fund in connection with losses on loans or surety bonds guaranteed or insured under this subchapter, the Secretary shall promptly submit a report notifying Congress of the deficiencies in the fund.” 1988—Subsec. (b). Pub. L. 100–442, §§ 3, 5(d), inserted “or surety bonds” after “loans” in two places and substituted “$500,000,000” for “$200,000,000”. Subsecs. (c), (d). Pub. L. 100–442, § 5(d), inserted “or surety bonds” after “loans” wherever appearing. Subsec. (e). Pub. L. 100–442, §§ 4(a), 5(d), inserted “or surety bonds” after “loans” and substituted “All collections and all moneys appropriated pursuant to the authority of this subsection shall remain available” for “All collections shall remain”. Subsec. (f). Pub. L. 100–442, § 4(b), added subsec. (f). 1984—Subsec. (e). Pub. L. 98–449 added subsec. (e).

Statutory Notes and Related Subsidiaries

Limitation on New Credit AuthorityPub. L. 100–442, § 4(c), Sept. 22, 1988, 102 Stat. 1763, provided that: “Any new credit authority (as defined in section 3 of the Congressional Budget and Impoundment Control Act of 1974 [2 U.S.C. 622]) which is provided by amendments made by this Act [enacting sections 1497a, 1499, and 1544 of this title and amending this section and sections 1452, 1484, 1485, 1496, and 1498 of this title] shall be effective only to such extent and in such amounts as may be approved in advance in appropriation Acts.”