2012 US Code
Title 25 - Indians
Chapter 14 - MISCELLANEOUS (§§ 441 - 1300n-6)
Subchapter V - PROTECTION OF INDIANS AND CONSERVATION OF RESOURCES (§§ 461 - 494a)
Section 493 - Reduction of unpaid principal
| Publication Title | United States Code, 2012 Edition, Title 25 - INDIANS |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 25 - INDIANS CHAPTER 14 - MISCELLANEOUS SUBCHAPTER V - PROTECTION OF INDIANS AND CONSERVATION OF RESOURCES Sec. 493 - Reduction of unpaid principal |
| Contains | section 493 |
| Date | 2012 |
| Laws in Effect as of Date | January 15, 2013 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Pub. L. 91-229, §6, as added Pub. L. 101-82, title III, §303, Aug. 14, 1989, 103 Stat. 583. |
| Statutes at Large References | 103 Stat. 583 104 Stat. 3837 108 Stat. 3233 |
| Public Law References | Public Law 91-229, Public Law 101-82, Public Law 101-624, Public Law 103-354 |
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The Secretary of Agriculture may, on the application of the borrower of a loan or loans made under sections 488 to 494 of this title, reduce the unpaid principal balance of such loan or loans to the current fair market value of the land purchased with the proceeds of the loan or loans if—
(1) the fair market value of the land has declined by at least 25 percent since such land was purchased by the borrower;
(2) the land has been held by the borrower for a period of at least 5 years; and
(3) the Secretary of the Interior finds that the borrower has insufficient income to both repay the loan or loans and provide normal tribal governmental services.
(b) Fair market value (1) AppraisalCurrent fair market value under subsection (a) of this section shall be determined through an appraisal by an independent qualified fee appraiser, selected by mutual agreement between the borrower and the Secretary of Agriculture.
(2) CostsThe cost of appraisals undertaken under paragraph (1) shall be paid by the borrower.
(c) AppealsDecisions of the Secretary of Agriculture under this section shall be appealable in accordance with the provisions of section 333B 1 of the Consolidated Farm and Rural Development Act (7 U.S.C. 1983b).
(d) Future applicationsA borrower that had a loan or loans reduced under this section shall not submit an application for another reduction on such loan or loans for a period of 5 years after the initial reduction.
(Pub. L. 91–229, §6, as added Pub. L. 101–82, title III, §303, Aug. 14, 1989, 103 Stat. 583.)
References in TextSection 333B of the Consolidated Farm and Rural Development Act (7 U.S.C. 1983b), referred to in subsec. (c), was repealed by Pub. L. 103–354, title II, §281(c), Oct. 13, 1994, 108 Stat. 3233.
CodificationAnother section 6 of Pub. L. 91–229 was added by Pub. L. 101–624, title XVIII, §1854(b), Nov. 28, 1990, 104 Stat. 3837, and is classified to section 494 of this title.
1 See References in Text note below.
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