To amend the Indian Financing Act of 1974 to provide for sale and assignment of loans and underlying security, and for other purposes.
Latest action · Feb 8, 2007 Referred to the House Committee on Natural Resources.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedFeb 8, 2007
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
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Cosponsors
Members who signed on, in the order they did.
Actions 3
Everything that happened, newest first.
- Feb 8, 2007Introduced in House
- Feb 8, 2007Referred to the House Committee on Natural Resources.
- Feb 8, 2007Sponsor introductory remarks on measure. (CR 2/9/207 E300-301)
Subjects
Assigned by the Library of Congress. Policy area: Native Americans.
Text 1
Each version as it was printed, newest first.
- Feb 8, 2007Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.