A bill to amend the Indian Financing Act of 1974, and for other purposes.

(Measure passed Senate, amended) Amends the Indian Financing Act of 1974 to increase the amount of loans to individual Indians or economic enterprises from $350,000 to $500,000. Allows the sale or assignment to any person of any loan guaranteed under such Act. Removes the restriction that such sale or assignment is subject to examination or supervision by the United States. Raises the loan guarantee authorization from $200,000,000 to $500,000,000. Provides that all collections and all moneys appropriated under such Act will remain available until expended. Requires that if the amount in the Indian Loan Guaranty and Insurance Fund is insufficient to maintain an adequate level of reserves, the Secretary of the Interior must notify the President who must submit to the Congress a proposed supplemental appropriation request. Authorizes the Secretary to guarantee a surety bond against loss where: (1) the principal is an Indian tribe; (2) the contract involved does not exceed $1,250,000; (3) the bond is required for the principal to be a qualified bidder on a contract or a prime contractor or subcontractor; (4) the principal cannot obtain the bond on reasonable terms without the guarantee and is expected to perform the conditions of the contract; (5) the contract meets the Secretary's requirements for feasibility of successful completion and reasonableness of cost; (6) the bond's terms and conditions are reasonable in light of the risks involved and the extent of the surety's participation; and (7) the guarantee limits the Secretary's obligation to 90 percent of the loss incurred and paid by the surety as the result of the principal's breach of the contract, except that if the percentage of Indian ownership of the enterprise is less than 100 percent the Secretary's obligation may not exceed 90 percent of the contract amount that is proportionate to the percentage of Indian ownership. Authorizes the Secretary to provide for monthly billing by the surety for loss reimbursement. Authorizes the Secretary to audit the surety's documents, files, books, records, and other material relevant to a guarantee or commitment. Requires the Secretary to establish fees to be paid by principals and premiums to be paid by sureties and to deposit them in the Fund.

(Measure passed Senate, amended) Amends the Indian Financing Act of 1974 to increase the amount of loans to individual Indians or economic enterprises from $350,000 to $500,000. Allows the sale or assignment to any person of any loan guaranteed under such Act. Removes the restriction that such sale or assignment is subject to examination or supervision by the United States. Raises the loan guarantee authorization from $200,000,000 to $500,000,000. Provides that all collections and all moneys appropriated under such Act will remain available until expended. Requires that if the amount in the Indian Loan Guaranty and Insurance Fund is insufficient to maintain an adequate level of reserves, the Secretary of the Interior must notify the President who must submit to the Congress a proposed supplemental appropriation request.

(Reported to House from the Committee on Interior and Insular Affairs with amendment, H. Rept. 100-838) Amends the Indian Financing Act of 1974 to increase the amount of loans to individual Indians or economic enterprises from $350,000 to $500,000. Allows the sale or assignment to any person of any loan guaranteed under such Act. Removes the restriction that such sale or assignment is subject to examination or supervision by the United States. Raises the loan guarantee authorization from $200,000,000 to $500,000,000. Provides that all collections and all moneys appropriated under such Act will remain available until expended. Requires that if the Secretary of the Interior determines that the amount in the Indian Loan Guaranty and Insurance Fund is insufficient to maintain an adequate level of reserves, the Secretary must submit a report notifying the Congress of the deficiencies in the Fund. Authorizes the Secretary 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 specified provisions of the Small Business Investment Act of 1958, so that the aggregate of the two guarantees is 100 percent. Allows the Secretary to provide such supplemental guarantee only if certain criteria are met, including that the supplemental guarantee is necessary for the Indian individual or economic enterprise to secure a surety bond. Requires the Secretary to establish fees to be paid by principals and premiums to be paid by sureties and to deposit them in the Fund. States that the Secretary may guarantee not to exceed 90 percent of the unpaid principal and interest due on an issue of bonds, debentures, or similar obligations issued by an organization satisfactory to the Secretary. Provides that a contractor of a Federal agency may be allowed an additional amount of compensation equal to five percent of the amount paid to a subcontractor or supplier if such subcontractor or supplier is an Indian organization or Indian-owned economic enterprise.

(Measure passed House, amended) Amends the Indian Financing Act of 1974 to increase the amount of loans to individual Indians or economic enterprises from $350,000 to $500,000. Allows the sale or assignment to any person of any loan guaranteed under such Act. Removes the restriction that such sale or assignment is subject to examination or supervision by the United States. Raises the loan guarantee authorization from $200,000,000 to $500,000,000. Provides that all collections and all moneys appropriated under such Act will remain available until expended. Requires that if the Secretary of the Interior determines that the amount in the Indian Loan Guaranty and Insurance Fund is insufficient to maintain an adequate level of reserves, the Secretary must submit a report notifying the Congress of the deficiencies in the Fund. Authorizes the Secretary 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 specified provisions of the Small Business Investment Act of 1958, so that the aggregate of the two guarantees is 100 percent. Allows the Secretary to provide such supplemental guarantee only if certain criteria are met, including that the supplemental guarantee is necessary for the Indian individual or economic enterprise to secure a surety bond. Requires the Secretary to establish fees to be paid by principals and premiums to be paid by sureties and to deposit them in the Fund. States that the Secretary may guarantee not to exceed 90 percent of the unpaid principal and interest due on an issue of bonds, debentures, or similar obligations issued by an organization satisfactory to the Secretary. Provides that a contractor of a Federal agency may be allowed an additional amount of compensation equal to five percent of the amount paid to a subcontractor or supplier if such subcontractor or supplier is an Indian organization or Indian-owned economic enterprise.

(Reported to Senate from the Select Committee on Indian Affairs with amendment, S. Rept. 100-149) Amends the Indian Financing Act of 1974 to increase the amount of loans to individual Indians or economic enterprises from $350,000 to $500,000. Allows the sale or assignment to any person of any loan guaranteed under such Act. Removes the restriction that such sale or assignment is subject to examination or supervision by the United States. Raises the loan guarantee authorization from $200,000,000 to $500,000,000. Provides that all collections and all moneys appropriated under such Act will remain available until expended. Requires that if the amount in the Indian Loan Guaranty and Insurance Fund is insufficient to maintain an adequate level of reserves, the Secretary of the Interior must notify the President who must submit to the Congress a proposed supplemental appropriation request.

Amends the Indian Financing Act of 1974 to provide that the term "loan" includes a bond issue of a tribe or an economic enterprise wholly owned by Indians. Increases the maximum amount of indebtedness that may be guaranteed for an individual from $350,000 to $500,000. Allows any guaranteed loan and the security given for it to be sold or assigned to any person. Increases the aggregate amount of loan guarantees that may be made under such Act from $200,000,000 to $500,000,000. Requires the Secretary of the Interior, if insufficient funds are available for payments required because of losses on insured or guaranteed loans, to submit to the Congress a request for additional appropriations.