118 STAT. 1795 PUBLIC LAW 108–374—OCT. 27, 2004 ‘‘(B) the grant or loan funds provided shall only be applied toward the purchase price of the parcel of land sold. ‘‘(5) REGULATIONS.—The Secretary is authorized to adopt such regulations as may be necessary to implement the provi sions of this subsection. Such regulations shall include provi sions for giving notice of sales to prospective purchasers eligible to submit bids at sales conducted under paragraph (2)(I).’’. SEC. 5. OWNER MANAGED INTERESTS. The Indian Land Consolidation Act (25 U.S.C. 2201 et seq.) is amended by adding at the end the following: ‘‘SEC. 221. OWNER MANAGED INTERESTS. ‘‘(a) PURPOSE.—The purpose of this section is to provide a means for the co owners of trust or restricted interests in a parcel of land to enter into surface leases of such parcel for certain pur poses without approval of the Secretary. ‘‘(b) MINERAL INTERESTS.—Nothing in this section shall be con strued to limit or otherwise affect the application of any Federal law requiring the Secretary to approve mineral leases or other agreements for the development of the mineral interest in trust or restricted land. ‘‘(c) OWNER MANAGEMENT.— ‘‘(1) IN GENERAL.—Notwithstanding any provision of Fed eral law requiring the Secretary to approve individual Indian leases of individual Indian trust or restricted land, where the owners of all of the undivided trust or restricted interests in a parcel of land have submitted applications to the Secretary pursuant to subsection (a), and the Secretary has approved such applications under subsection (d), such owners may, with out further approval by the Secretary, enter into a lease of the parcel for agricultural purposes for a term not to exceed 10 years. ‘‘(2) RULE OF CONSTRUCTION.—No such lease shall be effec tive until it has been executed by the owners of all undivided trust or restricted interests in the parcel. ‘‘(d) APPROVAL OF APPLICATIONS FOR OWNER MANAGEMENT.— ‘‘(1) IN GENERAL.—Subject to the provisions of paragraph (2), the Secretary shall approve an application for owner management submitted by a qualified applicant pursuant to this section unless the Secretary has reason to believe that the applicant is submitting the application as the result of fraud or undue influence. No such application shall be valid or considered if it is received by the Secretary prior to the date that is 1 year after the date on which notice is published pursuant to section 8(a)(4) of the American Indian Probate Reform Act of 2004. ‘‘(2) COMMENCEMENT OF OWNER MANAGED STATUS.—Not withstanding the approval of 1 or more applications pursuant to paragraph (1), no trust or restricted interest in a parcel of land shall acquire owner managed status until applications for all of the trust or restricted interests in such parcel of land have been submitted to and approved by the Secretary pursuant to this section. ‘‘(e) VALIDITY OF LEASES.—No lease of trust or restricted interests in a parcel of land that is owner managed under this section shall be valid or enforceable against the owners of such 25 USC 2220.
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