Goto Section: 1.1913 | 1.1915 | Table of Contents
Revised as of December 4, 2012
Goto Year:2011 |
§ 1.1914 Collection in installments.
(a) Subject to the Commission's rules pertaining to the installment
loan program ( see e.g. , 47 CFR § 1.2110(g)), subpart Q or other
agreements among the parties, the terms of which will control, whenever
feasible, the Commission 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, the Commission, in its sole discretion, may accept payment in
regular installments. The Commission will obtain financial statements
from debtors who represent that they are unable to pay in one lump sum
and which are able to verify independently such representations ( see
31 CFR 902.2(g)). The Commission will require and obtain a legally
enforceable written agreement from the debtor that specifies all of the
terms of the arrangement, including, as appropriate, sureties and other
indicia of creditworthiness ( see Federal Credit Reform Act of 1990, 2
U.S.C. 661, et seq. , OMB Circular A-129), 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 will be sufficient in size
and frequency to liquidate the debt in three years or less.
(c) Security for deferred payments will be obtained in appropriate
cases. The Commission may accept installment payments notwithstanding
the refusal of the debtor to execute a written agreement or to give
security, at the Commission's option.
(d) The Commission may deny the extension of credit to any debtor who
fails to provide the records requested or fails to show an ability to
pay the debt.
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Goto Section: 1.1913 | 1.1915
Goto Year: 2011 |
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