PUBLIC LAW 100-442—SEPT. 22, 1988
102 STAT. 1763
Public Law 100-442 100th Congress An Act Sept. 22, 1988 [S. 1360]
To amend the Indian Financing Act of 1974, and for other purposes.
Be it enacted by the Senate and House of Representatives United States of America in Congress assembled,
of the Small business. Securities.
LIMITATIONS ON AMOUNT OF LOANS TO INDIVIDUAL INDIANS OR ECONOMIC ENTERPRISES
1. Section 204 of the Indian Financing Act of 1974 (25 U.S.C. 1484) is amended by striking out "$350,000" and inserting in lieu thereof "$500,000". SECTION
ASSIGNMENT OF LOANS
SEC. 2. Section 205 of the Indian Financing Act of 1974 (25 U.S.C. 1485) is amended to read as follows: "SEC. 205. Any loan guaranteed under this title, including the security given for such loan, may be sold or assigned by the lender to any person.". AGGREGATE LOANS LIMITATION
SEC. 3. Section 217 of the Indian Financing Act of 1974 (25 U.S.C. 1497) is amended by striking out "$200,000,000" in subsection (b) and inserting in lieu thereof "$500,000,000". AUTHORIZATION OF APPROPRIATIONS
SEC. 4. (a) The last sentence of subsection (e) of section 217 of the Indian Financing Act of 1974 (25 U.S.C. 1497(e)) is amended to read as follows: "All collections and all moneys appropriated pursuant to the authority of this subsection shall remain available until expended.". (b) Section 217 of the Indian Financing Act of 1974 is amended by adding at the end thereof the following new subsection: "(f) If the Secretary determines that the amount in the fund is not sufficient to maintain an adequate level of reserves necessary to meet the responsibilities of the fund in connection with losses on loans or surety bonds guaranteed or insured under this title, the Secretary shall promptly submit a report notifying Congress of the deficiencies in the fund.". (c) Any new credit authority (as defined in section 3 of the Congressional Budget and Impoundment Control Act of 1974) which is provided by amendments made by this Act shall be effective only to such extent and in such amounts as may be approved in advance in appropriation Acts.
Reports.
25 USC 1497 note.
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