Indian Financing Act

Summary

Indian Financing Act - Establishes an Indian Revolving Loan Fund to provide credit that is not available from private money sources. Provides that loans may be made to a tribe or other Indian organizations only when there is a reasonable prospect of repayment. Forbids making loans for terms exceeding 30 years and allows the Secretary of the Treasury to cancel or reduce any loan which he determines to be uncollectable at a reasonable cost. Establishes an Indian Loan Guaranty and Insurance Fund which shall be available to the Secretary of the Interior for insuring or guaranteeing loans. Provides that the insured or guaranteed loans under the Fund shall not exceed $100,000,000. Allows the Secretary to fix such premium charges for insuring and guaranteeing loans as are in his judgement adequate to cover expenses and probable losses. Provides that no loan to an Indian may be guaranteed or insured which would cause the total unpaid principal indebtedness to exceed $60,000. States that title to any land acquired by a tribe or Indian with loans under this Act may be acquired in the name of the United States in trust for the tribe or Indian, unless the land is located outside the boundaries of the reservation. Authorizes appropriations to provide capital for the Indian loan guaranty and insurance funds. Authorizes a recognized tribe to issue tribal bonds for purposes related to the governmental affairs of the tribe.

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Timeline

1. 3 April 1973

   Introduced

   Introduced in House

   Source: IntroReferral

2. 3 April 1973

   Introduced

   Referred to House Committee on Interior and Insular Affairs.

   Source: IntroReferral

3. 3 April 1973

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 3 April 1973

  Open at official source

Sponsors

• Sen. Culver, John C. [D-IA] · D · Sponsor
• · hsii00 · Standing

Related records

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