(a) Establishment of revolving fund
There is hereby created an Indian Loan Guaranty and Insurance Fund (hereinafter referred to as the "fund") which shall be available to the Secretary as a revolving fund without fiscal year limitation for carrying out the provisions of this subchapter.
(b) Aggregate loans or surety bonds limitation
The Secretary may use the fund for the purpose of fulfilling the obligations with respect to loans or surety bonds guaranteed or insured under this subchapter, but the aggregate of such loans or surety bonds which are insured or guaranteed by the Secretary shall be limited to $1,500,000,000.
(c) Assets, liabilities, and obligations of fund; loan and surety bond servicing and purchasing agreements: terms and conditions
All funds, claims, notes, mortgages, contracts, and property acquired by the Secretary under this section, and all collections and proceeds therefrom, shall constitute assets of the fund; and all liabilities and obligations of such assets shall be liabilities and obligations of the fund. The Secretary is authorized to make agreements with respect to servicing loans or surety bonds held, guaranteed, or insured by him under this subchapter and purchasing such guaranteed or insured loans or surety bonds on such terms and conditions as he may prescribe.
(d) Utilization of fund for diverse payments
The Secretary may also utilize the fund to pay taxes, insurance, prior liens, expenses necessary to make fiscal adjustments in connection with the application and transmittal of collections, and other expenses and advances to protect the Secretary for loans or surety bonds which are guaranteed or insured under this subchapter or held by the Secretary, to acquire such security property at foreclosure sale or otherwise, and to pay administrative expenses.
(e) Authorization of appropriations
There are authorized to be appropriated for each fiscal year beginning in fiscal year 1985 such sums as may be necessary to fulfill obligations with respect to losses on loans or surety bonds guaranteed or insured under this subchapter. All collections and all moneys appropriated pursuant to the authority of this subsection shall remain available until expended.
Amendments
2006—Subsec. (b). Pub. L. 109–221 substituted "$1,500,000,000" for "$500,000,000".
1998—Subsec. (f). Pub. L. 105–362 struck out subsec. (f) which read as follows: "If the Secretary determines that the amount in the fund is not sufficient to maintain an adequate level of reserves necessary to meet the responsibilities of the fund in connection with losses on loans or surety bonds guaranteed or insured under this subchapter, the Secretary shall promptly submit a report notifying Congress of the deficiencies in the fund."
1988—Subsec. (b). Pub. L. 100–442, §§3, 5(d), inserted "or surety bonds" after "loans" in two places and substituted "$500,000,000" for "$200,000,000".
Subsecs. (c), (d). Pub. L. 100–442, §5(d), inserted "or surety bonds" after "loans" wherever appearing.
Subsec. (e). Pub. L. 100–442, §§4(a), 5(d), inserted "or surety bonds" after "loans" and substituted "All collections and all moneys appropriated pursuant to the authority of this subsection shall remain available" for "All collections shall remain".
Subsec. (f). Pub. L. 100–442, §4(b), added subsec. (f).
1984—Subsec. (e). Pub. L. 98–449 added subsec. (e).
Limitation on New Credit Authority
Pub. L. 100–442, §4(c), Sept. 22, 1988, 102 Stat. 1763, provided that: "Any new credit authority (as defined in section 3 of the Congressional Budget and Impoundment Control Act of 1974 [2 U.S.C. 622]) which is provided by amendments made by this Act [enacting sections 1497a, 1499, and 1544 of this title and amending this section and sections 1452, 1484, 1485, 1496, and 1498 of this title] shall be effective only to such extent and in such amounts as may be approved in advance in appropriation Acts."
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