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Code · U.S. Code · Title 25 - INDIANS · CHAPTER 17— FINANCING ECONOMIC DEVELOPMENT OF INDIANS AND INDIAN ORGANIZATIONS · SUBCHAPTER II— LOAN GUARANTY AND INSURANCE · § 1485

§ 1485. Sale or assignment of loans and underlying security

1,296 words·~6 min read·/usc/title-25/section-1485

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)In general All or any portion of a loan guaranteed or insured under this subchapter, including the security given for the loan—
(1)may be transferred by the lender by sale or assignment to any person; and
(2)may be retransferred by the transferee.
(b)Transfers of loans With respect to a transfer described in subsection (a)—
(1)the transfer shall be consistent with such regulations as the Secretary shall promulgate under subsection (h); and
(2)the transferee shall give notice of the transfer to the Secretary.
(c)Full faith and credit
(1)In general The full faith and credit of the United States is pledged to the payment of all loan guarantees and loan insurance made under this subchapter after December 13, 2002.
(2)Validity Except as provided in regulations in effect on the date on which a loan is made, the validity of a guarantee or insurance of a loan under this subchapter shall be incontestable.
(d)Damages Notwithstanding section 3302 of title 31, the Secretary may recover from a lender of a loan under this subchapter any damages suffered by the Secretary as a result of a material breach of the obligations of the lender with respect to a guarantee or insurance by the Secretary of the loan.
(e)Fees
(1)In general The Secretary may collect a fee for any loan or guaranteed or insured portion of a loan that is transferred in accordance with this section.
(2)Compensation of fiscal transfer agent A fiscal transfer agent designated under subsection
(f)may be compensated through any of the fees assessed under this section and any interest earned on any funds or fees collected by the fiscal transfer agent while the funds or fees are in the control of the fiscal transfer agent and before the time at which the fiscal transfer agent is contractually required to transfer such funds to the Secretary or to transferees or other holders.
(f)Central registration of loans On promulgation of final regulations under subsection (h), the Secretary shall—
(1)provide for a central registration of all guaranteed or insured loans transferred under this section; and
(2)enter into 1 or more contracts with a fiscal transfer agent—
(A)to act as the designee of the Secretary under this section; and
(B)to carry out on behalf of the Secretary the central registration and fiscal transfer agent functions under this section.
(g)Pooling of loans
(1)In general Nothing in this subchapter prohibits the pooling of whole loans or interests in loans transferred under this section.
(2)Regulations In promulgating regulations under subsection (i),1 the Secretary may include such regulations to effect orderly and efficient pooling procedures as the Secretary determines to be necessary.
(h)Regulations Not later than 180 days after December 13, 2002, the Secretary shall develop such procedures and promulgate such regulations as are necessary to facilitate, administer, and promote transfers of loans and guaranteed and insured portions of loans under this section.
(Pub. L. 93–262, title II, § 205, Apr. 12, 1974, 88 Stat. 80; Pub. L. 100–442, § 2, Sept. 22, 1988, 102 Stat. 1763; Pub. L. 107–331, title I, § 103(b), Dec. 13, 2002, 116 Stat. 2836; Pub. L. 109–221, title IV, § 401(b), May 12, 2006, 120 Stat. 342.)
Connections8 cite this · traces to 2
21 references not yet in our index
  • 1
  • Pub. L. 93–262, title II, § 205
  • 88 Stat. 80
  • Pub. L. 100–442, § 2
  • 102 Stat. 1763
  • Pub. L. 107–331, title I, § 103(b)
  • 116 Stat. 2836
  • Pub. L. 109–221, title IV, § 401(b)
  • 120 Stat. 342
  • Pub. L. 109–221, title IV, § 401(b)(3)
  • Pub. L. 109–221, § 401(b)(1)
  • Pub. L. 109–221, § 401(b)(2)
  • Pub. L. 109–221, § 401(b)(4)
  • Pub. L. 109–221, § 401(b)(3)
  • Pub. L. 109–221, § 401(b)(5)
  • Pub. L. 109–221, § 401(b)(6)
  • Pub. L. 107–331
  • Pub. L. 100–442
  • Pub. L. 107–331, title I, § 102
  • 116 Stat. 2835
  • Pub. L. 93–262
Citation graph
cites case law
§ 1485
Sale or assignment of loans and underlying security
Stat.×5
Fed. Reg.×3
U.S.C.§ 3302
U.S.C.§ 1451
Cite1
Pub. L.Pub. L. 93–262, title II, § 205
Stat.88 Stat. 80
Pub. L.Pub. L. 100–442, § 2
Stat.102 Stat. 1763
Cites 23 · showing 7Cited by 8 across 2 sources
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