§1481. Statement of purpose

In order to provide access to private money sources which otherwise would not be available, the Secretary is authorized (a) to guarantee not to exceed 90 per centum of the unpaid principal and interest due on any loan made to any organization of Indians having a form or organization satisfactory to the Secretary, and to individual Indians; and (b) in lieu of such guaranty, to insure loans under an agreement approved by the Secretary whereby the lender will be reimbursed for losses in an amount not to exceed 15 per centum of the aggregate of such loans made by it, but not to exceed 90 per centum of the loss on any one loan.

( Pub. L. 93–262, title II, §201, Apr. 12, 1974, 88 Stat. 79 ; Pub. L. 98–449, §4, Oct. 4, 1984, 98 Stat. 1725 .)

Amendments

1984-Pub. L. 98–449 struck out "who are not members of or eligible for membership in an organization which is making loans to its members" before "; and (b)".

Section Referred to in Other Sections

This section is referred to in section 1461 of this title.