S.1758 - A bill to amend the Indian Financing Act of 1974, to provide for sale and assignment of loans and underlying security, and for other purposes.109th Congress (2005-2006)
|Sponsor:||Sen. McCain, John [R-AZ] (Introduced 09/22/2005)|
|Committees:||House - Resources|
|Latest Action:||House - 09/26/2005 Referred to the House Committee on Resources. (All Actions)|
This bill has the status Passed Senate
Here are the steps for Status of Legislation:
- Passed Senate
Summary: S.1758 — 109th Congress (2005-2006)All Information (Except Text)
Passed Senate without amendment (09/22/2005)
(This measure has not been amended since it was introduced. The summary of that version is repeated here.)
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.