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(a) Except as specified in paragraph (b) of this section, a lender is eligible under the Program, and may be considered for BIA approval, if the lender is:
(1) Regularly engaged in the business of making loans;
(2) Capable of evaluating and servicing loans in accordance with reasonable and prudent industry standards; and
(3) Otherwise reasonably acceptable to BIA.
(b) The following lenders are not qualified to issue loans under the Program:
(1) An agency or instrumentality of the Federal Government;
(2) A lender that borrows money from any Federal Government source, other than the Federal Reserve Bank System, for purposes of relending;
(3) A lender that does not include the interest on loans it makes in gross income, for purposes of chapter 1, title 26 of the United States Code; and
(4) A lender that does not keep any ownership interest in loans it originates.
Cite this article: FindLaw.com - Code of Federal Regulations Title 25. Indians § 25.103.10 What lenders are eligible under the Program? - last updated October 03, 2022 | https://codes.findlaw.com/cfr/title-25-indians/cfr-sect-25-103-10.html
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