Vote Smart's Synopsis:

Vote to pass a bill that establishes requirements for the processing of proposed mortgages by the Bureau of Indian Affairs.

Highlights:

• Establishes requirements for the processing of a proposed residential leasehold mortgage, business leasehold mortgage, land mortgage, or right-of-way document by the Bureau of Indian Affairs (BIA) (Sec. 3).

• Requires the BIA to notify lenders upon receipt of such documentation, perform a preliminary review of such documents not later than 10 days after receipt, and approve or disapprove of such documents within 20 or 30 days, depending on the type of application (Sec. 3).

• Establishes requirements for the BIA regarding (Sec. 3):

• Response times for the completion of certified title status reports;

• Notification of delays in processing; and

• The form of notices and delivery of certain reports.

• Authorizes relevant federal agencies and Indian tribes to have read-only access to the Trust Asset and Accounting Management System maintained by the BIA (Sec. 3).

• Requires the Government Accountability Office to report on digitizing documents for the purpose of streamlining and expediting the completion of mortgage packages for residential mortgages on Indian land (Sec. 3).

• Establishes within the BIA's Division of Real Estate Services the position of Realty Ombudsman (Sec. 4).

Full Bill Text

Full Bill Text

Full Bill Text