To amend the Indian Financing Act of 1974 to provide for sale and assignment of loans and underlying security, and for other purposes.

Summary

Amends the Indian Financing Act of 1974 with respect to loan guaranty and insurance to: (1) authorize the Secretary of the Interior to guarantee or insure loans to both for-profit and nonprofit borrowers; and (2) allow all or any portion of a guaranteed or insured loan, including its security, to be transferred by the lender by sale or assignment to any person, and be retransferred by the transferee. Allows a fiscal transfer agent to be compensated through any of the fees assessed and any interest earned on any funds or fees the agent has collected while the funds or fees are in the agent's control and before the time at which the agent is contractually required to transfer such funds to the Secretary or to transferees or other holders. Makes loans made by an eligible Community Development Finance Institution eligible for guaranty or insurance. Increases from $500 million to $1.5 billion the amount of loans the Bureau of Indian Affairs can have outstanding. .

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 12 July 2006

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• Introduced in House (PDF)

  Introduced in House · EN · 12 July 2006

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• Introduced in House

  summary · EN · 12 July 2006

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