§1461. Administration as single Indian Revolving Loan Fund sums from diverse sources; availability of fund for loans to Indians and for administrative expenses
In order to provide credit that is not available from private money markets, or to supplement funds from private lenders, including loans guaranteed by the Secretary pursuant to section 1481 of this title, all funds that are now or hereafter a part of the revolving fund authorized by the Act of June 18, 1934 (48 Stat. 986) [25 U.S.C. 5101 et seq.], the Act of June 26, 1936 (49 Stat. 1968),1 and the Act of April 19, 1950 (64 Stat. 44), as amended and supplemented, including sums received in settlement of debts of livestock pursuant to sections 1545 and 1546 of this title, and sums collected in repayment of loans heretofore or hereafter made, and as interest or other charges on loans, shall hereafter be administered as a single Indian Revolving Loan Fund. The fund shall be available for loans to Indians having a form of organization that is satisfactory to the Secretary and for loans to individual Indians: Provided, That, where the Secretary determines a rejection of a loan application from a member of an organization making loans to its membership from moneys borrowed from the fund is unwarranted, he may, in his discretion, make a direct loan to such individual from the fund. The fund shall also be available for administrative expenses incurred in connection therewith, or, in the discretion of the Secretary of the Interior, as a contribution to the Indian Loan Guaranty and Insurance Fund authorized by section 1497 of this title, or for the payment of interest subsidies authorized by section 1511 of this title.
(
Pub. L. 93–262, title I, §101, Apr. 12, 1974, 88 Stat. 78
;
Pub. L. 98–449, §2, Oct. 4, 1984, 98 Stat. 1725
;
Pub. L. 101–644, title III, §303(a), Nov. 29, 1990, 104 Stat. 4667
.)
Editorial Notes
References in Text
Act of June 18, 1934, referred to in text, is act June 18, 1934, ch. 576, 48 Stat. 984
, popularly known as the Indian Reorganization Act, which is classified generally to chapter 45 (§5101 et seq.) of this title. Provisions of the act establishing the revolving fund are set out in section 5113 of this title. For complete classification of this Act to the Code, see Short Title note set out under section 5101 of this title and Tables.
Act of June 26, 1936, referred to in text, is act June 26, 1936, ch. 831, 49 Stat. 1967
, popularly known as the Oklahoma Welfare Act, which was classified generally to subchapter VIII (§501 et seq.) of chapter 14 of this title prior to editorial reclassification as chapter 45A (§5201 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 5201 of this title and Tables. Provisions of the Act relating to the revolving fund appear in section 5206 of this title.
Act of April 19, 1950, referred to in text, is act Apr. 19, 1950, ch. 92, 64 Stat. 44
, which was classified generally to subchapter XXI (§631 et seq.) of chapter 14 of this title and was omitted from the Code as being of special and not general application.
Amendments
1990-Pub. L. 101–644 substituted "money markets, or to supplement funds from private lenders, including loans guaranteed by the Secretary pursuant to section 1481 of this title," for "money markets," in first sentence and inserted before period at end of third sentence ", or, in the discretion of the Secretary of the Interior, as a contribution to the Indian Loan Guaranty and Insurance Fund authorized by section 1497 of this title, or for the payment of interest subsidies authorized by section 1511 of this title".
1984-Pub. L. 98–449 which directed that "which are not members of or eligible for membership in an organization which is making loans to its members" be struck out was executed by striking out "who are not members of or eligible for membership in an organization which is making loans to its members" before proviso.