Summary: S.2614 — 98th Congress (1983-1984)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Senate agreed to House amendment with amendment (09/21/1984)

(Senate agreed to House amendments with an amendment)

Indian Financing Act Amendments of 1984 - Amends the Indian Financing Act of 1974 to allow the Secretary of the Interior to modify the amount of an outstanding loan without following certain procedures prescribed by statute.

Revises provisions covering the guarantee of unpaid principal and interest due on loans made to individual Indians.

Raises from $100,000 to $350,000 the ceiling on loan guarantees made to individual Indians. Requires the Secretary to review each loan application independently from the lender.

Deletes the requirement that the Secretary must follow specified procedures before paying a guaranteed loan which is in default.

Authorizes appropriations for deposit into the Indian Loan Guaranty and Insurance Fund beginning in FY 1985.

Authorizes appropriations for FY 1985 and each fiscal year thereafter for certain interest payments.

Raises the ceiling placed on Indian business development grants which the Secretary may make to: (1) individual Indians (from $50,000 to $100,000); or (2) Indian tribes (from $50,000 to $250,000). Authorizes appropriations for FY 1986 and each fiscal year thereafter.

Authorizes the Secretary to require security other than bonds when contracting for construction or repairs with an Indian-owned business.

Requires the Secretary to insure that loan and grant applicants will be provided with technical assistance for the preparation of loan applications and the administration of funds granted under this Act.

Authorizes the Secretary to use up to a specified percentage of appropriations for entering into contracts in FY 1985. Authorizes appropriations for FY 1986 and each fiscal year thereafter.