The approval deadlines do not apply where the applicant is an Indian tribe
What the document says“This paragraph shall not apply to a residential leasehold mortgage or business leasehold mortgage with respect to Indian land in cases in which the applicant for the residential leasehold mortgage or business leasehold mortgage is an Indian tribe”
The approval deadlines in paragraph (3) do not run for a leasehold mortgage where the applicant is an Indian tribe that has been approved for leasing under the Act of 1955 the section cites (25 U.S.C. 415). That Act is not indexed here, so nothing recorded here says what its leasing approval involves.
What the document actually says“This paragraph shall not apply to a residential leasehold mortgage or business leasehold mortgage with respect to Indian land in cases in which the applicant for the residential leasehold mortgage or business leasehold mortgage is an Indian tribe”
These deadlines do not apply when the one asking for the lease loan is a tribe.
The tribe must first be approved to lease under an older law from 1955. That older law is not indexed here.
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