25 U.S.C. § 1485: Sale or assignment of loans and underlying security

may be transferred by the lender by sale or assignment to any person; and may be retransferred by the transferee. the transfer shall be consistent with such regulations as the Secretary shall promulgate under subsection (h); and the transferee shall give notice of the transfer to the Secretary. The full faith and credit of the United States is pledged to the payment of all loan guarantees and loan insurance made under this subchapter after December 13, 2002 . Except as provided in regulations in effect on the date on which a loan is made, the validity of a guarantee or insurance of a loan under this subchapter shall be incontestable. Notwithstanding section 3302 of title 31 , the Secretary may recover from a lender of a loan under this subchapter any damages suffered by the Secretary as a result of a material breach of the obligations of the lender with respect to a guarantee or insurance by the Secretary of the loan. The Secretary may collect a fee for any loan or guaranteed or insured portion of a loan that is transferred in accordance with this section. A fiscal transfer agent designated under subsection (f) may be compensated through any of the fees assessed under this section and any interest earned on any funds or fees collected by the fiscal transfer agent while the funds or fees are in the control of the fiscal transfer agent and before the time at which the fiscal transfer agent is contractually required to transfer such funds to the Secretary or to transferees or other holders. provide for a central registration of all guaranteed or insured loans transferred under this section; and to act as the designee of the Secretary under this section; and to carry out on behalf of the Secretary the central registration and fiscal transfer agent functions under this section. Nothing in this subchapter prohibits the pooling of whole loans or interests in loans transferred under this section. In promulgating regulations under subsection (i), 1 the Secretary may include such regulations to effect orderly and efficient pooling procedures as the Secretary determines to be necessary. 1 See References in Text note below. Not later than 180 days after December 13, 2002 , the Secretary shall develop such procedures and promulgate such regulations as are necessary to facilitate, administer, and promote transfers of loans and guaranteed and insured portions of loans under this section. the Indian Financing Act of 1974 ( 25 U.S.C. 1451 et seq.) was intended to provide Native American borrowers with access to commercial sources of capital that otherwise would not be available through the guarantee or insurance of loans by the Secretary of the Interior; although the Secretary of the Interior has made loan guarantees and insurance available, use of those guarantees and that insurance by lenders to benefit Native American business borrowers has been limited; twenty-seven years after the date of enactment of the Indian Financing Act of 1974 ( 25 U.S.C. 1451 et seq.) [ Pub. L. 93–262 , which was approved Apr. 12, 1974 ], the promotion and development of Native American-owned business remains an essential foundation for growth of economic and social stability of Native Americans; use by commercial lenders of the available loan insurance and guarantees may be limited by liquidity and other capital market-driven concerns; and to encourage the orderly development and expansion of a secondary market for loans guaranteed or insured by the Secretary of the Interior; and to expand the number of lenders originating loans under the Indian Financing Act of 1974 ( 25 U.S.C. 1451 et seq.). stimulate the use by lenders of secondary market investors for loans guaranteed or insured under a program administered by the Secretary of the Interior; preserve the authority of the Secretary to administer the program and regulate lenders; clarify that a good faith investor in loans insured or guaranteed by the Secretary will receive appropriate payments; provide for the appointment by the Secretary of a qualified fiscal transfer agent to establish and administer a system for the orderly transfer of those loans; and authorize the Secretary to promulgate regulations to encourage and expand a secondary market program for loans guaranteed or insured by the Secretary; and allow the pooling of those loans as the secondary market develops.”