S.1341 - An Act to provide for financing the economic development of Indians and Indian organizations, and for other purposes.93rd Congress (1973-1974)
|Sponsor:||Sen. Jackson, Henry M. [D-WA] (Introduced 03/22/1973)|
|Committees:||Senate - Interior and Insular Affairs | House - Interior and Insular Affairs|
|Committee Reports:||S.Rept 93-348 Part 1; S.Rept 93-348 Part 1|
|Latest Action:||04/12/1974 Public law 93-262.|
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.1341 — 93rd Congress (1973-1974)All Bill Information (Except Text)
Public Law No: 93-262 (04/12/1974)
Indian Financing Act - =Title I: Indian Revolving Loan Fund= - Establishes an Indian Revolving Loan Fund. Provides that the fund shall be available for loans to Indians having a form of organization that is satisfactory to the Secretary of the Interior and to other eligible Indians. States that loans may be made for any purpose which will promote the economic development of the individual Indian borrower, including loans for educational purposes, and the economic development of the Indian organizations. Sets out the terms and conditions of such loans.
=Title II: Loan Guaranty and Insurance= - Authorizes the Secretary of the Interior to guarantee up to 90 percent of the unpaid principal and interest due on any loan made to any organization of Indians or to individual Indians or in lieu of such guaranty, to insure such loans.
Requires the Secretary to fix premium charges for the insurance and guarantee of loans at such a rate as will adequately cover expenses and probable losses.
Sets out the terms and conditions of loan guarantees and insurance.
Makes provision for the eventuality of a default on a loan guaranteed under the provisions of this Act.
Requires lenders and holders of guaranty certificates to maintain adequate accounting records and to adequately service guaranteed or insured loans.
Authorizes the Secretary, with respect to matters arising out of the guaranty or insurance program authorized by this Act, to sue and be sued in his official capacity in any court of competent jurisdiction.
Provides that the Secretary may buy and sell property.
Creates an Indian Loan Guaranty and Insurance Fund which shall be available to the Secretary without fiscal year limitation for carrying out the provisions of this Act.
=Title III: Interest Subsidies and Administrative Expenses= - Authorizes the Secretary to pay interest subsidies on loans which are guaranteed or insured under the provisions of title II of this Act.
=Title IV: Indian Business Grants= - Establishes within the Department of the Interior, the Indian Business Development Program for the purpose of stimulating and increasing Indian entrepreneurship and employment by providing equity capital to aid in establishing and expanding Indian-owned economic enterprises on or near reservations.
=Title V:= Requires the Secretary to insure that any loan or grant applicant be provided with competent management and technical assistance consistent with the nature of the enterprise being funded.