Goto Section: 1.1913 | 1.1915 | Table of Contents

FCC 1.1914
Revised as of October 1, 2014
Goto Year:2013 | 2015
§ 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: 2013 | 2015
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