H.R. 5780 · 109th Congress
To amend the Indian Financing Act of 1974 to provide for sale and assignment of loans and underlying…
Full title
To amend the Indian Financing Act of 1974 to provide for sale and assignment of loans and underlying security, and for other purposes.
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
UdallSponsorNo cosponsors.
Amends the Indian Financing Act of 1974 with respect to loan guaranty and insurance to: (1) authorize the Secretary of the Interior to guarantee or insure loans to both for-profit and nonprofit borrowers; and (2) allow all or any portion of a guaranteed or insured loan, including its security, to be transferred by the lender by sale or assignment to any…
What it does: CRS summary · Introduced in House · Jul 12, 2006
Amends the Indian Financing Act of 1974 with respect to loan guaranty and insurance to: (1) authorize the Secretary of the Interior to guarantee or insure loans to both for-profit and nonprofit borrowers; and (2) allow all or any portion of a guaranteed or insured loan, including its security, to be transferred by the lender by sale or assignment to any person, and be retransferred by the transferee.
Allows a fiscal transfer agent to be compensated through any of the fees assessed and any interest earned on any funds or fees the agent has collected while the funds or fees are in the agent's control and before the time at which the agent is contractually required to transfer such funds to the Secretary or to transferees or other holders. Makes loans made by an eligible Community Development Finance Institution eligible for guaranty or insurance. Increases from $500 million to $1.5 billion the amount of loans the Bureau of Indian Affairs can have outstanding.
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Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To amend the Indian Financing Act of 1974 to provide for sale and assignment of loans and underlying security, and for other purposes.
Latest action (Jul 18, 2006): Executive Comment Requested from Interior.
Policy area: Native Americans · Origin: House · Introduced: Jul 12, 2006
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.