Source: http://www.law.cornell.edu/cfr/text/12/1208.42
Timestamp: 2013-12-12 22:59:53
Document Index: 106452176

Matched Legal Cases: ['art 1208', '§ 1208', '§ 1208', '§ 1208', '§ 1208', '§ 1208', '§ 3701', '§ 3702', '§ 3711', '§ 3712', '§ 3713', '§ 3714', '§ 3715', '§ 3716', '§ 3717', '§ 3718', '§ 3719', '§ 3720', '§ 3720', '§ 3720', '§ 3720', '§ 3720']

12 CFR 1208.42 - Administrative offset prior to completion of procedures. | Title 12 - Banks and Banking | Code of Federal Regulations | LII / Legal Information Institute
CFR › Title 12 › Chapter XII › Subchapter A › Part 1208 › Subpart C › Section 1208.42	prev | next
12 CFR 1208.42 - Administrative offset prior to completion of procedures.
§ 1208.42
FHFA shall not be required to follow the procedures described in § 1208.43 where:
(a) Prior to the completion of the procedures described in § 1208.43, FHFA may effect administrative offset if failure to offset would substantially prejudice its ability to collect the debt, and if the time before the payment is to be made does not reasonably permit completion of the procedures described in § 1208.43. Such prior administrative offset shall be followed promptly by the completion of the procedures described in § 1208.43. Amounts recovered by administrative offset but later found not to be owed to FHFA shall be promptly refunded. This section applies only to administrative offset pursuant to 31 CFR 901.3(c), and does not apply when debts are referred to the Department of the Treasury for mandatory centralized administrative offset under 31 CFR 901.3(b)(1).
USC : Title 31 - MONEY AND FINANCE§ 3701 - Definitions and application§ 3702 - Authority to settle claims§ 3711 - Collection and compromise§ 3712 - Time limitations for presenting certain claims of the Government§ 3713 - Priority of Government claims§ 3714 - Keeping money due States in default§ 3715 - Buying real property of a debtor§ 3716 - Administrative offset§ 3717 - Interest and penalty on claims§ 3718 - Contracts for collection services§ 3719 - Reports on debt collection activities§ 3720 - Collection of payments§ 3720A - Reduction of tax refund by amount of debt§ 3720B - Barring delinquent Federal debtors from obtaining Federal loans or loan insurance guarantees§ 3720C - Debt Collection Improvement Account§ 3720D - Garnishment