Page:United States Statutes at Large Volume 114 Part 5.djvu/1002

 114 STAT. 3016 PUBLIC LAW 106-569—DEC. 27, 2000 42 USC 14905. "(B) any entity established by the governing body of an Indian tribe described in subparagraph (A) for the purpose of financing economic development."; (5) in subsection (t), by inserting before the period at the end the following: "to provide guarantees under this section for eligible loans having an aggregate principal amount of $500,000,000 "; (6) by striking subsection (1); (7) by redesignating subsections (m) through (u) as subsections (1) through (t), respectively; and (8) by adding at the end the following new subsections: "(u) FEE AUTHORITY. —Any amounts collected by the Secretary pursuant to the fees charged to lenders for loan guarantees issued under this section shall be used to offset costs (as defined by section 502 of the Congressional Budget Act of 1974 (2 U.S.C. 661a)) of loan guarantees made under this section. "(v) DEFAULTS OF LOANS SECURED BY RESERVATION LANDS.— In the event of a default involving a loan to an Indian tribe or tribal corporation made under this section which is secured by an interest in land within such tribe's reservation (as determined by the Secretary of the Interior), including a community in Alaska incorporated by the Secretary of the Interior pursuant to the Indian Reorganization Act (25 U.S.C. 461 et seq.), the lender shall only pursue liquidation after offering to transfer the account to an eligible tribal member, the tribe, or the Indian housing authority serving the tribe. If the lender subsequently proceeds to liquidate the account, the lender shall not sell, transfer, or otherwise dispose of or alienate the property except to one of the entities described in the preceding sentence.". SEC. 708. ENFORCEMENT PROVISIONS. (a) IN GENERAL. — Title V of the Housing Act of 1949 (42 U.S.C. 1471 et seq.) is amended by adding after section 542 the following: "SEC. 543. ENFORCEMENT PROVISIONS. " (a) EQUITY SKIMMING.— "(1) CRIMINAL PENALTY.— Whoever, as an owner, agent, employee, or manager, or is otherwise in custody, control, or possession of property that is security for a loan made or guaranteed under this title, willfully uses, or authorizes the use, of any part of the rents, assets, proceeds, income, or oth^r funds derived from such propertyi for any purpose other than to meet actual, reasonable, and necessary expenses of the property, or for any other purpose not authorized by this title or the regulations adopted pursuant to this title, shall be fined under title 18, United States Code, or imprisoned not more than 5 years, or both. "(2) CIVIL SANCTIONS.— An entity or individual who as an owner, operator, employee, or manager, or who acts as an agent for a property that is security for a loan made or guaranteed under this title where any part of the rents, assets, proceeds, income, or other funds derived from such property are used for any purpose other than to meet actual, reasonable, and necessary expenses of the property, or for any other purpose not authorized by this title or the regulations adopted pursuant to this title, shall be subject to a fine of not more than $25,000 per violation. The sanctions provided in this paragraph may

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