FEDERAL · 25 U.S.C. · Chapter 45
Reduction of unpaid principal
25 U.S.C. § 5142
Title25 — Indians
Chapter45 — PROTECTION OF INDIANS AND CONSERVATION OF RESOURCES
This text of 25 U.S.C. § 5142 (Reduction of unpaid principal) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
25 U.S.C. § 5142.
Text
(a)In general
The Secretary of Agriculture may, on the application of the borrower of a loan or loans made under sections 5136 to 5143 of this title, reduce the unpaid principal balance of such loan or loans to the current fair market value of the land purchased with the proceeds of the loan or loans if—
(1)the fair market value of the land has declined by at least 25 percent since such land was purchased by the borrower;
(2)the land has been held by the borrower for a period of at least 5 years; and
(3)the Secretary of the Interior finds that the borrower has insufficient income to both repay the loan or loans and provide normal tribal governmental services.
(b)Fair market value
Current fair market value under subsection (a) of this section shall be determined through an appraisal by
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Source Credit
History
(Pub. L. 91–229, §6, as added Pub. L. 101–82, title III, §303, Aug. 14, 1989, 103 Stat. 583.)
Editorial Notes
Editorial Notes
References in Text
Section 333B of the Consolidated Farm and Rural Development Act (7 U.S.C. 1983b), referred to in subsec. (c), probably means section 333B of Pub. L. 87–128, as added by Pub. L. 99–198, title XIII, §1313(a), Dec. 23, 1985, 99 Stat. 1525, and amended, which related to appeals from adverse decisions under the Act, prior to repeal by Pub. L. 103–354, title II, §281(c), Oct. 13, 1994, 108 Stat. 3233, and enactment of a new section 333B of Pub. L. 87–128 by Pub. L. 110–234, title V, §5301, May 22, 2008, 122 Stat. 1147, and Pub. L. 110–246, title V, §5301, June 18, 2008, 122 Stat. 1908, which established a beginning farmers' pilot program.
Codification
Another section 6 of Pub. L. 91–229 was added by Pub. L. 101–624, title XVIII, §1854(b), Nov. 28, 1990, 104 Stat. 3837, and is classified to section 5143 of this title.
Section was formerly classified to section 493 of this title prior to editorial reclassification and renumbering as this section.
References in Text
Section 333B of the Consolidated Farm and Rural Development Act (7 U.S.C. 1983b), referred to in subsec. (c), probably means section 333B of Pub. L. 87–128, as added by Pub. L. 99–198, title XIII, §1313(a), Dec. 23, 1985, 99 Stat. 1525, and amended, which related to appeals from adverse decisions under the Act, prior to repeal by Pub. L. 103–354, title II, §281(c), Oct. 13, 1994, 108 Stat. 3233, and enactment of a new section 333B of Pub. L. 87–128 by Pub. L. 110–234, title V, §5301, May 22, 2008, 122 Stat. 1147, and Pub. L. 110–246, title V, §5301, June 18, 2008, 122 Stat. 1908, which established a beginning farmers' pilot program.
Codification
Another section 6 of Pub. L. 91–229 was added by Pub. L. 101–624, title XVIII, §1854(b), Nov. 28, 1990, 104 Stat. 3837, and is classified to section 5143 of this title.
Section was formerly classified to section 493 of this title prior to editorial reclassification and renumbering as this section.
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Bluebook (online)
25 U.S.C. § 5142, Counsel Stack Legal Research, https://law.counselstack.com/usc/25/5142.