S.1360 - A bill to amend the Indian Financing Act of 1974, and for other purposes.100th Congress (1987-1988)
|Sponsor:||Sen. Burdick, Quentin N. [D-ND] (Introduced 06/11/1987)|
|Committees:||Senate - Permanent Select Committee on Indian Affairs | House - Interior and Insular Affairs|
|Committee Reports:||S.Rept 100-149; H.Rept 100-838|
|Latest Action:||09/22/1988 Became Public Law No: 100-442. (All Actions)|
This bill has the status Became Law
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- Resolving Differences
- To President
- Became Law
Summary: S.1360 — 100th Congress (1987-1988)All Information (Except Text)
(Measure passed House, amended)
Passed House amended (08/08/1988)
Amends the Indian Financing Act of 1974 to increase the amount of loans to individual Indians or economic enterprises from $350,000 to $500,000.
Allows the sale or assignment to any person of any loan guaranteed under such Act. Removes the restriction that such sale or assignment is subject to examination or supervision by the United States.
Raises the loan guarantee authorization from $200,000,000 to $500,000,000.
Provides that all collections and all moneys appropriated under such Act will remain available until expended.
Requires that if the Secretary of the Interior determines that the amount in the Indian Loan Guaranty and Insurance Fund is insufficient to maintain an adequate level of reserves, the Secretary must submit a report notifying the Congress of the deficiencies in the Fund.
Authorizes the Secretary to provide a supplemental surety bond guarantee, not to exceed 20 percent of any loss, for any Indian individual or economic enterprise eligible for a surety guarantee under specified provisions of the Small Business Investment Act of 1958, so that the aggregate of the two guarantees is 100 percent. Allows the Secretary to provide such supplemental guarantee only if certain criteria are met, including that the supplemental guarantee is necessary for the Indian individual or economic enterprise to secure a surety bond.
Requires the Secretary to establish fees to be paid by principals and premiums to be paid by sureties and to deposit them in the Fund.
States that the Secretary may guarantee not to exceed 90 percent of the unpaid principal and interest due on an issue of bonds, debentures, or similar obligations issued by an organization satisfactory to the Secretary.
Provides that a contractor of a Federal agency may be allowed an additional amount of compensation equal to five percent of the amount paid to a subcontractor or supplier if such subcontractor or supplier is an Indian organization or Indian-owned economic enterprise.