Indian Finance Corporation Act

Summary

Indian Finance Corporation Act - Title I: Establishment of Corporation - Establishes the Indian Finance Corporation. Requires the Corporation to: (1) provide technical and managerial assistance for new and existing Indian businesses; and (2) make loans to Indian businesses at the lowest reasonable cost, taking into account the Corporation's cost of money, necessary reserve, and expenses or to purchase, insure, or discount obligations of such businesses if they meet specified financial conditions. Authorizes the Corporation to guarantee up to 90 percent of the principal and interest of any loan made to an Indian business by a State or federally chartered lending institution on terms permissible for Corporation loans. Sets forth administrative provisions concerning the Corporation. Title II: Financing - Authorizes the Corporation to issue a limited amount of bonds and notes. Title III: Audit; Transfer of Certain Functions - Directs the Comptroller General to audit and review outstanding loans and loans guaranteed or insured by the Secretary of the Interior in administering the Indian Financing Act of 1974 (the Act). Prohibits new loans from being made and guaranteed or insured by the Secretary under the Act after the enactment of this Act. Transfers to the Corporation: (1) all functions of the Department of the Interior currently exercised under the Act; and (2) all outstanding obligations with respect to loans guaranteed or insured under, and all liabilities incurred and assets acquired by the Secretary in the administration of, the Act. Makes available to the Corporation the Indian Revolving Loan Fund and the Indian Loan Guaranty and Insurance Fund, respectively: (1) for making loans and to carry out the functions and duties of the Corporation under this Act; and (2) as a revolving fund for fulfilling the obligations and liabilities transferred from the Secretary and the obligations with respect to loans guaranteed or insured under this Act. Limits the aggregate of such loans to $500,000,000. Title IV: Authorizations - Authorizes appropriations to the Indian Revolving Loan Fund for operating expenses, project development, business grants and equity investment, and increases in the principal of the Fund and the Indian Loan Guarantee and Insurance Fund. Authorizes appropriations to meet and maintain loss reserves sufficient to guarantee commitments made under this Act.

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2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

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• Introduced in Senate

  summary · EN · 21 June 1990

  Open at official source

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