§ 416.1324. Suspension due to excess resources.
263 words·~1 min read·
/us/cfr/t20/s§ 416.1324·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Effective date. Except as specified in §§ 416.1240 through 416.1242, suspension of benefit payments because of excess resources is required effective with the month in which:
(1)Ineligibility exists because countable resources are in excess of:
(i)The resource limits prescribed in § 416.1205 for an individual and an individual and spouse, or
(ii)In the case of an eligible individual (and eligible spouse, if any) who for the month of December 1973 was a recipient of aid or assistance under a State plan approved under title I, X, XIV, or XVI of the Act, the maximum amount of resources specified in such State plan as in effect for October 1972, if greater than the amounts specified in § 416.1205, as applicable; or
(2)After eligibility has been established, payment of benefits was conditioned upon disposal of specified resources, which exceeded the permitted amount and the claimant did not comply with the agreed upon conditions.
(3)The amount of an individual's or couple's countable resources is determined as of the first moment of each calendar quarter.
(b)Resumption of payments. If benefits are otherwise payable, they will be resumed effective with the start of the month after the month in which a recipient's countable resources no longer exceed the limit that applies. If the reason that a recipient's benefits were suspended was excess resources, the payment for the first month that benefits are reinstated will not be prorated under § 416.421. [40 FR 1510, Jan. 8, 1975, as amended at 50 FR 38982, Sept. 26, 1985; 51 FR 13494, Apr. 21, 1986]