Loans to Indian Tribes and Tribal Corporations

This rule consolidates and revises the Indian Tribal Land Acquisition Program (ITLAP) regulations. The rule eliminates the reserve requirement and the waiver of sovereign immunity for all new loans; allows borrowers to use the loan reserve accounts as either an extra payment on their loans to the Farm Service Agency (FSA) or for other tribal needs; provides borrowers additional servicing options; allows ITLAP funds to be used for certain refinancing activities; expands the uses borrowers may make of land purchased with ITLAP funds; requires ITLAP loan applications, in most cases, to include a copy of the borrower's option to purchase the land; and provides for subsequent loans to be made to ITLAP borrowers.