§ 901.8. Collection in installments.
191 words·~1 min read·
/us/cfr/t31/s§ 901.8·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Whenever feasible, agencies shall collect the total amount of a debt in one lump sum. If a debtor is financially unable to pay a debt in one lump sum, agencies may accept payment in regular installments. Agencies should obtain financial statements from debtors who represent that they are unable to pay in one lump sum and independently verify such representations whenever possible (see § 902.2(g) of this chapter). Agencies that agree to accept payments in regular installments should obtain a legally enforceable written agreement from the debtor that specifies all of the terms of the arrangement and that contains a provision accelerating the debt in the event of default.
(b)The size and frequency of installment payments should bear a reasonable relation to the size of the debt and the debtor's ability to pay. If possible, the installment payments should be sufficient in size and frequency to liquidate the debt in three years or less.
(c)Security for deferred payments should be obtained in appropriate cases. Agencies may accept installment payments notwithstanding the refusal of the debtor to execute a written agreement or to give security, at the agency's option.
Connections23 cite this
Cited by 23 sections · top 21
CFR
- § 199.11Overpayments recovery.
- § 5.6When will Treasury entities allow a debtor to pay a Treasury debt in installments instead of one lump sum?
- § 4903.7When will PBGC allow a debtor to pay a debt owed to PBGC in installments instead of a lump sum?
- § 19.6When will Commerce entities allow a debtor to pay a Commerce debt in installments instead of one lump sum?
- § 100.616Payment collection.
- § 171.550Can I arrange a Payment Plan if I cannot pay the full amount due?
- § 757.5Assertion of claims and collection procedures.
register
- NoticesProposed rule
- Proposed RulesInterim rule with request for comments
- NoticesProposed rule
- Rules and RegulationsFinal rule
- Proposed RulesNotice of proposed special conditions; correction
- Rules and RegulationsFinal rule
- NoticesNotice of proposed rulemaking (NPRM)
- Rules and RegulationsFinal rule; request for comments
- Proposed RulesNotice of proposed rulemaking (NPRM)
- UnknownInterim final rule
- Rules and RegulationsInterim Final Rule
- UnknownFinal rule
- Rules and RegulationsFinal rule
- NoticesFinal rule
Citation graph
cites case law
§ 901.8
Collection in installments.
Fed. Reg.×16
C.F.R.×7
Cites 0Cited by 23 across 2 sources