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The Debt Collection Act of 1982, as amended (codified at 31 U.S.C. § 3717), requires agencies, unless expressly prohibited or restricted by statute or contract, to assess three separate and distinct types of late charges on all delinquent debts, including debts owed by state and local governments.
A debt becomes delinquent when payment is not made by the due date or end of the grace period as established in a loan or repayment agreement, or by the due date specified in the initial billing notice.
Treasury valid, delinquent non-tax debts for the purpose of administrative offset at 120 days - 60 days earlier than the previous 180-day requirement. The DATA Act also directs Treasury to report to Congress on agency compliance with the new administrative offset referral requirement.
(a) Agencies are required by law to transfer delinquent, nontax, legally enforceable debts to Treasury for collection through cross-servicing and through centralized administrative offset with the exception of foreign debt that is exempt from cross-servicing per the Debt Collection Improvement Act of 1996. Additionally, USDA will transfer debts ...
3⁄4 Serving as the Interior's liaison with central agencies on credit and debt management matters; management, and delinquent debt collection; and3⁄4 Ensuring that data in loan applications and documents for individuals are managed in accordance with the Privacy Act of 1974, as amended by the Comp.
Since many states prohibit for-profit debt-management businesses, and since card issuers have limited their fair-share payments to nonprofit entities, members of this third generation of agencies are organized as nonprofit entities.
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Standards (FCCS) provide Government wide debt collection procedures and policies. This final rule revises the FCCS issued by the Department of Justice (DOJ) and the General Accounting Office on March 9, 1984. The revised FCCS reflect legislative changes to Federal debt collection procedures enacted under the Debt Collection Improvement Act of ...
