109 HR 5780 IH: To amend the Indian Financing Act of 1974 to provide for U.S. House of Representatives 2006-07-12 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 109th CONGRESS 2d Session H. R. 5780 IN THE HOUSE OF REPRESENTATIVES July 12, 2006 Mr. Udall of Colorado introduced the following bill; which was referred to the Committee on Resources A BILL To amend the Indian Financing Act of 1974 to provide for sale and assignment of loans and underlying security, and for other purposes.

1.

Loan guaranty and insurance

(a)

In General

Section 201 of the Indian Financing Act of 1974 (25 U.S.C. 1481) is amended— (1)by striking Sec. 201. In order and inserting the following:

201.

Loan guaranties and insurance

(a)

In General

In order

; (2)by striking “the Secretary is authorized (a) to guarantee” and inserting “the Secretary may— (1)guarantee ; (3)by striking “members; and (b) in lieu of such guaranty, to insure” and inserting “members; or (2)insure ; and (4)by adding at the end the following: (b)

Eligible Borrowers

The Secretary may guarantee or insure loans under subsection (a) to both for-profit and nonprofit borrowers. . (b)

Sale or Assignment of Loans and Underlying Security

Section 205 of the Indian Financing Act of 1974 (25 U.S.C. 1485) is amended— (1)by striking Sec. 205. and all that follows through subsection (b) and inserting the following:

205.

Sale or assignment of loans and underlying security

(a)

In General

All or any portion of a loan guaranteed or insured under this title, including the security given for the loan— (1)may be transferred by the lender by sale or assignment to any person; and (2)may be retransferred by the transferee. (b)

Transfers of Loans

With respect to a transfer described in subsection (a)— (1)the transfer shall be consistent with such regulations as the Secretary shall promulgate under subsection (h); and (2)the transferee shall give notice of the transfer to the Secretary.

; (2)by striking subsection (c); (3)by redesignating subsections (d), (e), (f), (g), (h), and (i) as subsections (c), (d), (e), (f), (g), and (h), respectively; (4)in subsection (c) (as redesignated by paragraph (3)), by striking paragraph (2) and inserting the following: (2)

Validity

Except as provided in regulations in effect on the date on which a loan is made, the validity of a guarantee or insurance of a loan under this title shall be incontestable. ; (5)in subsection (e) (as redesignated by paragraph (3))— (A)by striking The Secretary and inserting the following: (1)

In general

The Secretary ; and (B)by adding at the end the following: (2)

Compensation of fiscal transfer agent

A fiscal transfer agent designated under subsection (f) may be compensated through any of the fees assessed under this section and any interest earned on any funds or fees collected by the fiscal transfer agent while the funds or fees are in the control of the fiscal transfer agent and before the time at which the fiscal transfer agent is contractually required to transfer such funds to the Secretary or to transferees or other holders. ; and (6)in subsection (f) (as redesignated by paragraph (3))— (A)by striking subsection (i) and inserting subsection (h); and (B)in paragraph (2)(B), by striking , and issuance of acknowledgments,. (c)

Loans Ineligible for Guaranty or Insurance

Section 206 of the Indian Financing Act of 1974 (25 U.S.C. 1486) is amended by inserting (not including an eligible Community Development Finance Institution) after Government. (d)

Aggregate Loans or Surety Bonds Limitation

Section 217(b) of the Indian Financing Act of 1974 (25 U.S.C. 1497(b)) is amended by striking $500,000,000 and inserting $1,500,000,000.