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Pub.L. 107-332 To provide for additional lands to be included within the boundaries of the Homestead National Monument of America in the State of Nebraska, and for other purposes. <> ...


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[[Page 2833]]

                 INDIAN FINANCING AMENDMENTS ACT OF 2002

[[Page 116 STAT. 2834]]

Public Law 107-331
107th Congress

                                 An Act


 
 To amend the Indian Financing Act of 1974 to improve the effectiveness 
  of the Indian loan guarantee and insurance program. <<NOTE: Dec. 13, 
                          2002 -  [S. 2017]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, <<NOTE: Indian Financing 
Amendments Act of 2002.>> 

SECTION 1. TABLE OF CONTENTS.

    The table of contents for this Act is as follows:

Sec. 1. Table of contents.

                TITLE I--INDIAN FINANCING ACT AMENDMENTS

Sec. 101. Short title.
Sec. 102. Findings and purpose.
Sec. 103. Amendments to Indian Financing Act.

 TITLE II--YANKTON SIOUX AND SANTEE SIOUX TRIBES EQUITABLE COMPENSATION

Sec. 201. Short title.
Sec. 202. Findings.
Sec. 203. Definitions.
Sec. 204. Yankton Sioux Tribe Development Trust Fund.
Sec. 205. Santee Sioux Tribe Development Trust Fund.
Sec. 206. Tribal plans.
Sec. 207. Eligibility of tribe for certain programs and services.
Sec. 208. Statutory construction.
Sec. 209. Authorization of appropriations.
Sec. 210. Extinguishment of claims.

     TITLE III--OKLAHOMA NATIVE AMERICAN CULTURAL CENTER AND MUSEUM

Sec. 301. Oklahoma Native American Cultural Center and Museum.

      TITLE IV--TRANSMISSION OF POWER FROM INDIAN LANDS IN OKLAHOMA

Sec. 401. Transmission of power from Indian lands in Oklahoma.

                         TITLE V--PECHANGA TRIBE

Sec. 501. Land of Pechanga Band of Luiseno Mission Indians.

TITLE VI--CHEROKEE, CHOCTAW, AND CHICKASAW NATIONS CLAIMS SETTLEMENT ACT

Sec. 601. Short title.
Sec. 602. Findings.
Sec. 603. Purposes.
Sec. 604. Definitions.
Sec. 605. Settlement and claims; appropriations; allocation of funds.
Sec. 606. Tribal trust funds.
Sec. 607. Attorney fees.
Sec. 608. Release of other tribal claims and filing of claims.
Sec. 609. Effect on claims.

                        TITLE VII--SEMINOLE TRIBE

Sec. 701. Approval not required to validate certain land transactions.

[[Page 116 STAT. 2835]]

       TITLE VIII--JICARILLA APACHE RESERVATION RURAL WATER SYSTEM

Sec. 801. Short title.
Sec. 802. Purposes.
Sec. 803. Definitions.
Sec. 804. Jicarilla Apache Reservation rural water system.
Sec. 805. General authority.
Sec. 806. Project requirements.
Sec. 807. Authorization of appropriations.
Sec. 808. Prohibition on use of funds for irrigation purposes.
Sec. 809. Water rights.

                TITLE IX--ROCKY BOY'S RURAL WATER SYSTEM

Sec. 901. Short title.
Sec. 902. Findings and purposes.
Sec. 903. Definitions.
Sec. 904. Rocky Boy's rural water system.
Sec. 905. Noncore system.
Sec. 906. Limitation on availability of construction funds.
Sec. 907. Connection charges.
Sec. 908. Authorization of contracts.
Sec. 909. Tiber Reservoir allocation to the Tribe.
Sec. 910. Use of Pick-Sloan power.
Sec. 911. Water conservation plan.
Sec. 912. Water rights.
Sec. 913. Chippewa Cree Water System Operation, Maintenance, and 
           Replacement Trust Fund.
Sec. 914. Authorization of appropriations.

                         TITLE X--MISCELLANEOUS

Sec. 1001. Santee Sioux Tribe, Nebraska, water system study.
Sec. 1002. Yurok Tribe and Hopland Band included in long-term leasing.

                TITLE I--INDIAN FINANCING ACT AMENDMENTS

SEC. 101. <<NOTE: 25 USC 1451 note.>> SHORT TITLE.

    This Act may be cited as the ``Indian Financing Amendments Act of 
2002''.

SEC. 102. <<NOTE: 25 USC 1485 note.>> FINDINGS AND PURPOSE.

    (a) Findings.--Congress finds that--
            (1) the Indian Financing Act of 1974 (25 U.S.C. 1451 et 
        seq.) was intended to provide Native American borrowers with 
        access to commercial sources of capital that otherwise would not 
        be available through the guarantee or insurance of loans by the 
        Secretary of the Interior;
            (2) although the Secretary of the Interior has made loan 
        guarantees and insurance available, use of those guarantees and 
        that insurance by lenders to benefit Native American business 
        borrowers has been limited;
            (3) twenty-seven years after the date of enactment of the 
        Indian Financing Act of 1974 (25 U.S.C. 1451 et seq.), the 
        promotion and development of Native American-owned business 
        remains an essential foundation for growth of economic and 
        social stability of Native Americans;
            (4) use by commercial lenders of the available loan 
        insurance and guarantees may be limited by liquidity and other 
        capital market-driven concerns; and
            (5) it is in the best interest of the insured and guaranteed 
        loan program of the Department of the Interior--
                    (A) to encourage the orderly development and 
                expansion of a secondary market for loans guaranteed or 
                insured by the Secretary of the Interior; and

[[Page 116 STAT. 2836]]

                    (B) to expand the number of lenders originating 
                loans under the Indian Financing Act of 1974 (25 U.S.C. 
                1451 et seq.).

    (b) Purpose.--The purpose of this Act is to reform and clarify the 
Indian Financing Act of 1974 (25 U.S.C. 1451 et seq.) in order to--
            (1) stimulate the use by lenders of secondary market 
        investors for loans guaranteed or insured under a program 
        administered by the Secretary of the Interior;
            (2) preserve the authority of the Secretary to administer 
        the program and regulate lenders;
            (3) clarify that a good faith investor in loans insured or 
        guaranteed by the Secretary will receive appropriate payments;
            (4) provide for the appointment by the Secretary of a 
        qualified fiscal transfer agent to establish and administer a 
        system for the orderly transfer of those loans; and
            (5)(A) authorize the Secretary to promulgate regulations to 
        encourage and expand a secondary market program for loans 
        guaranteed or insured by the Secretary; and
            (B) allow the pooling of those loans as the secondary market 
        develops.

SEC. 103. AMENDMENTS TO INDIAN FINANCING ACT.

    (a) Limitation on Loan Amounts Without Prior Approval.--Section 204 
of the Indian Financing Act of 1974 (25 U.S.C. 1484) is amended in the 
last sentence by striking ``$100,000'' and inserting ``$250,000''.
    (b) Sale or Assignment of Loans and Underlying Security.--Section 
205 of the Indian Financing Act of 1974 (25 U.S.C. 1485) is amended--
            (1) by striking ``Any loan guaranteed'' and inserting the 
        following:

    ``(a) In General.--Any loan guaranteed or insured''; and
            (2) by adding at the end the following:

    ``(b) Initial Transfers.--
            ``(1) In general.--The lender of a loan guaranteed or 
        insured under this title may transfer to any individual or legal 
        entity--
                    ``(A) all rights and obligations of the lender in 
                the loan or in the unguaranteed or uninsured portion of 
                the loan; and
                    ``(B) any security given for the loan.
            ``(2) Additional requirements.--With respect to a transfer 
        described in paragraph (1)--
                    ``(A) the transfer shall be consistent with such 
                regulations as the Secretary shall promulgate under 
                subsection (i); and
                    ``(B) the lender shall give notice of the transfer 
                to the Secretary.
            ``(3) Responsibilities of transferee.--On any transfer under 
        paragraph (1), the transferee shall--
                    ``(A) be deemed to be the lender for the purpose of 
                this title;
                    ``(B) become the secured party of record; and
                    ``(C) be responsible for--
                          ``(i) performing the duties of the lender; and

[[Page 116 STAT. 2837]]

                          ``(ii) servicing the loan in accordance with 
                      the terms of the guarantee by the Secretary of the 
                      loan.

    ``(c) Secondary Transfers.--
            ``(1) In general.--Any transferee under subsection (b) of a 
        loan guaranteed or insured under this title may transfer to any 
        individual or legal entity--
                    ``(A) all rights and obligations of the transferee 
                in the loan or in the unguaranteed or uninsured portion 
                of the loan; and
                    ``(B) any security given for the loan.
            ``(2) Additional requirements.--With respect to a transfer 
        described in paragraph (1)--
                    ``(A) the transfer shall be consistent with such 
                regulations as the Secretary shall promulgate under 
                subsection (i); and
                    ``(B) the transferor shall give notice of the 
                transfer to the Secretary.
            ``(3) Acknowledgment by secretary.--On receipt of a notice 
        of a transfer under paragraph (2)(B), the Secretary shall issue 
        to the transferee an acknowledgment by the Secretary of--
                    ``(A) the transfer; and
                    ``(B) the interest of the transferee in the 
                guaranteed or insured portion of the loan.
            ``(4) Responsibilities of lender.--Notwithstanding any 
        transfer permitted by this subsection, the lender shall--
                    ``(A) remain obligated on the guarantee agreement or 
                insurance agreement between the lender and the 
                Secretary;
                    ``(B) continue to be responsible for servicing the 
                loan in a manner consistent with that guarantee 
                agreement or insurance agreement; and
                    ``(C) remain the secured creditor of record.

    ``(d) 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 title after the date of enactment of 
        this subsection.
            ``(2) Validity.--
                    ``(A) In general.--Except as provided in 
                subparagraph (B), the validity of a guarantee or 
                insurance of a loan under this title shall be 
                incontestable if the obligations of the guarantee or 
                insurance held by a transferee have been acknowledged 
                under subsection (c)(3).
                    ``(B) Exception for fraud or misrepresentation.--
                Subparagraph (A) shall not apply in a case in which a 
                transferee has actual knowledge of fraud or 
                misrepresentation, or participates in or condones fraud 
                or misrepresentation, in connection with a loan.

    ``(e) Damages.--Notwithstanding section 3302 of title 31, United 
States Code, the Secretary may recover from a lender of a loan under 
this title 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.
    ``(f) Fees.--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.

[[Page 116 STAT. 2838]]

    ``(g) Central Registration of Loans.--On promulgation of final 
regulations under subsection (i), 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, and issuance of acknowledgments, under this 
                section.

    ``(h) Pooling of Loans.--
            ``(1) In general.--Nothing in this title prohibits the 
        pooling of whole loans or interests in loans transferred under 
        this section.
            ``(2) Regulations.--In promulgating regulations under 
        subsection (i), the Secretary may include such regulations to 
        effect orderly and efficient pooling procedures as the Secretary 
        determines to be necessary.

    ``(i) Regulations.--Not <<NOTE: Deadline.>> later than 180 days 
after the date of enactment of this subsection, the Secretary shall 
develop such procedures and promulgate such regulations as are necessary 
to facilitate, administer, and promote transfers of loans and guaranteed 

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