Page:United States Statutes at Large Volume 106 Part 4.djvu/901
PUBLIC LAW 102-547—OCT. 28, 1992 106 STAT. 3637 of geographic areas and in areas experiencing a variety of economic circumstances. "(c) No loans may be made under this subchapter after September 30, 1997.
- §3762. Direct housing* loans to Native American veterans
"(a) The Secretary may make a direct housing loan to a Native American veteran if— "(1) the Secretary has entered into a memorandum of understanding with respect to such loans with the tribal organization that has jurisdiction over the veteran; and "(2) the memorandum is in effect when the loan is made. "(b)(1) Subject to paragraph (2), the Secretary shall ensure that each memorandum of understanding that the Secretary enters into with a tribal organization shall provide for the following: "(A) That each Native American veteran who is under the jurisdiction of the tribal organization and to whom the Secretary makes a direct loan under this subchapter— "(i) holds, possesses, or purchases using the proceeds of the loan a meaningful interest in a lot or dwelling (or both) that is located on trust land; and "(ii) will purchase, construct, or improve (as the case may be) a dwelling on the lot using the proceeds of the loan. "(B) That each such Native American veteran will convey to the Secretary by an appropriate instrument the interest referred to in subparagraph (A) as security for a direct housing loan under this subchapter. "(C) That the tribal organization and each such Native American veteran will permit the Secretary to enter upon the trust land of that organization or veteran for the purposes of carrying out such actions as the Secretary determines are necessary— "(i) to evaluate the advisability of the loan; and "(ii) to monitor any purchase, construction, or improvements carried out using the proceeds of the loan. "(D) That the tribal organization has established standards and procedures that apply to the foreclosure of the interest conveyed by a Native American veteran pursuant to subparagraph (B), including— "(i) procedures for foreclosing the interest; and "(ii) procedures for the resale of the lot or the dwelling (or both) purchased, constructed, or improved using the proceeds of the loan. "(E) That the tribal organization agrees to such other terms and conditions with respect to the making of direct loans to Native American veterans under the jurisdiction of the tribal organization as the Secretary may require in order to ensure that the pilot program established under this subchapter is implemented in a responsible and prudent manner. "(2) The Secretary may not enter into a memorandum of understanding with a tribal organization under this subsection unless the Secretary determines that the memorandum provides for such standards and procedures as are necessary for the reasonable protection of the financial interests of the United States.�