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
Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
(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.
An attorney-in-fact under a power of attorney may perform any of the following acts on behalf of the principal or with the property of the principal only if the power of attorney expressly grants that authority to the attorney-in-fact:
(a) Create, modify, revoke, or terminate a trust, in whole or in part. If a power of attorney under this division empowers the attorney-in-fact to modify or revoke a trust created by the principal, the trust may be modified or revoked by the attorney-in-fact only as provided in the trust instrument.
(b) Fund with the principal's property a trust not created by the principal or a person authorized to create a trust on behalf of the principal.
(c) Make or revoke a gift of the principal's property in trust or otherwise.
(d) Exercise the right to reject, disclaim, release, or consent to a reduction in, or modification of, a share in, or payment from, an estate, trust, or other fund on behalf of the principal. This subdivision does not limit the attorney-in-fact's authority to disclaim a detrimental transfer to the principal with the approval of the court.
(e) Create or change survivorship interests in the principal's property or in property in which the principal may have an interest.
(f) Designate or change the designation of beneficiaries to receive any property, benefit, or contract right on the principal's death.
(g) Make a loan to the attorney-in-fact.
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/
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.
Was this helpful?