[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.