2015 US Code
Title 25 - Indians (Sections 1 - 4307)
Chapter 17 - Financing Economic Development of Indians and Indian Organizations (Sections 1451 - 1544)
Subchapter II - Loan Guaranty and Insurance (Sections 1481 - 1499)
Sec. 1497a - Supplemental surety bond guarantee
Publication Title | United States Code, 2012 Edition, Supplement 3, Title 25 - INDIANS |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 25 - INDIANS CHAPTER 17 - FINANCING ECONOMIC DEVELOPMENT OF INDIANS AND INDIAN ORGANIZATIONS SUBCHAPTER II - LOAN GUARANTY AND INSURANCE Sec. 1497a - Supplemental surety bond guarantee |
Contains | section 1497a |
Date | 2015 |
Laws In Effect As Of Date | January 3, 2016 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 93-262, title II, §218, as added Pub. L. 100-442, §5(a), Sept. 22, 1988, 102 Stat. 1764. |
Statutes at Large Reference | 102 Stat. 1764 |
Public and Private Law | Public Law 93-262, Public Law 100-442 |
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The Secretary is authorized to provide a supplemental surety bond guarantee, not to exceed 20 percent of any loss, for any Indian individual or economic enterprise eligible for a surety guarantee under section 694b of title 15, so that the aggregate of the two guarantees is 100 percent.
(b) ConditionsThe Secretary may provide a supplemental guarantee under this section only if the Secretary determines that—
(1) the Indian individual or economic enterprise has secured or will likely secure a surety bond guarantee under section 694b of title 15;
(2) the supplemental guarantee is necessary for the Indian individual or economic enterprise to secure a surety bond;
(3) no more than 25 percent of the surety's business is comprised of bonds guaranteed pursuant to this section; and
(4) the surety will provide appropriate technical assistance and advice to, and monitor the performance of, the Indian individual or economic enterprise for the prevention or mitigation of a loss.
(c) Fees and chargesThe rules and regulations promulgated by the Secretary to carry out this section shall include the setting of reasonable fees to be paid by the Indian individual or economic enterprise and reasonable premium charges to be paid by sureties. In setting fees and charges, the Secretary may take into consideration the cost to the surety of providing the services required by paragraph (4) of subsection (b). The receipts from the fees and charges shall be deposited in the Fund established by section 1497(a) of this title.
(Pub. L. 93–262, title II, §218, as added Pub. L. 100–442, §5(a), Sept. 22, 1988, 102 Stat. 1764.)
PRIOR PROVISIONSA prior section 218 of Pub. L. 93–262 was renumbered section 219 by Pub. L. 100–442 and is classified to section 1498 of this title.
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