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Code of Federal Regulations Title 25. Indians § 25.103.10 What lenders are eligible under the Program?

Current as of October 02, 2022 | Updated by FindLaw Staff

(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.

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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 02, 2022 | https://codes.findlaw.com/cfr/title-25-indians/cfr-sect-25-103-10/

Read this complete Code of Federal Regulations Title 25. Indians § 25.103.10 What lenders are eligible under the Program? on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

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