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.
Legislative Activity
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Referred to the House Committee on Resources.
September 26, 2005
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Introduced in Senate
September 22, 2005
Introduced in the Senate, read twice, considered, read the third time, and passed without amendment by Unanimous Consent. (consideration: CR S10388-10389; text as passed Senate: CR S10389)
September 22, 2005
Received in the House.
September 26, 2005 • 2:01 PM
Message on Senate action sent to the House.
September 26, 2005
Referred to the House Committee on Resources.
September 26, 2005
Floor Debate
7 membersWhat members said about S. 1758 on the floor




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Floor Debate
7 membersWhat members said about S. 1758 on the floor
Mr. President, H.R. 3351, the Native American Technical Corrections Act of 2005, was passed by the House on November 16, 2005, and referred to the Committee on Indian Affairs. Many of the provisions…
Thank you, Chairman Sensenbrenner, for yielding this time. Mr. Speaker, H.R. 5120, which is incorporated into section 202 of S. 1785 has drawn bipartisan sponsorship from 23 of our colleagues in the…
Mr. Speaker, I move to suspend the rules and pass the Senate bill (S. 1785) to amend chapter 13 of title 17, United States Code (relating to the vessel hull design protection), to clarify the…
I thank the ranking member, and I thank the chairman. Mr. Speaker, I rise in support of section 201 of S. 1785 and, in particular, its well-deserved commendation of the Bayh-Dole Act of 1980. This…
Mr. Speaker, I am pleased to yield myself as much time as I may consume. Mr. Speaker, I rise in support of the legislation consisting of these intellectual property bills that have been very fully…
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Mr. President, today I rise in support of the Indian Fianancing Act Amendments of 2005, originally introduced as a component of the Native American Omnibus Act of 2005. I'm pleased to be joined by…
Mr. President, I ask unanimous consent that the Committee on Indian Affairs be discharged from further consideration of H.R. 3351 and the Senate proceed to its immediate consideration. Mr. President,…
I ask unanimous consent the Senate proceed to the immediate consideration of S. 1758, introduced earlier today. Mr. President, I ask unanimous consent the bill be read a third time and passed, the…
Bill Text
3 versions available
[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 1758 Referred in House (RFH)]
109th CONGRESS
1st Session
S. 1758
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 26, 2005
Referred to the Committee on Resources
_______________________________________________________________________
AN ACT
To amend the Indian Financing Act of 1974 to provide for sale and
assignment of loans and underlying security, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 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:
``SEC. 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:
``SEC. 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''.
Passed the Senate September 22, 2005.
Attest:
EMILY J. REYNOLDS,
Secretary.