§ 313.23. Offset prior to completion of procedures.
77 words·~1 min read·
/us/cfr/t12/s§ 313.23·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The FDIC may collect a debt by administrative offset prior to the completion of the procedures described in § 313.25, if:
(a)Failure to offset a payment would substantially prejudice the FDIC's ability to collect the debt; and
(b)The time before the payment is to be made does not reasonably permit completion of the procedures described in § 313.25. Such prior offsetting shall be followed promptly by the completion of the procedures described in § 313.25.