81_FR_2753 81 FR 2742 - Administrative Debt Collection Procedures

81 FR 2742 - Administrative Debt Collection Procedures

FEDERAL TRADE COMMISSION

Federal Register Volume 81, Issue 11 (January 19, 2016)

Page Range2742-2743
FR Document2016-00313

The FTC is publishing procedures for the administrative collection of debts, including those arising under judgments and orders of the Commission. These procedures, where applicable, will allow the use of administrative offset and tax refund offset to satisfy such debts. The use of these tools is expected to enhance the FTC's enforcement and collection efforts. The FTC is also making a technical revision to its existing rule for administrative garnishment of non- Federal wages to update the name of the Treasury Department agency responsible for cross-servicing debts.

Federal Register, Volume 81 Issue 11 (Tuesday, January 19, 2016)
[Federal Register Volume 81, Number 11 (Tuesday, January 19, 2016)]
[Rules and Regulations]
[Pages 2742-2743]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-00313]



[[Page 2742]]

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FEDERAL TRADE COMMISSION

16 CFR Part 1


Administrative Debt Collection Procedures

AGENCY: Federal Trade Commission (FTC).

ACTION: Final rule.

-----------------------------------------------------------------------

SUMMARY: The FTC is publishing procedures for the administrative 
collection of debts, including those arising under judgments and orders 
of the Commission. These procedures, where applicable, will allow the 
use of administrative offset and tax refund offset to satisfy such 
debts. The use of these tools is expected to enhance the FTC's 
enforcement and collection efforts. The FTC is also making a technical 
revision to its existing rule for administrative garnishment of non-
Federal wages to update the name of the Treasury Department agency 
responsible for cross-servicing debts.

DATES: This rule is effective on January 19, 2016.

FOR FURTHER INFORMATION CONTACT: Stephen Dowdell, Enforcement Division, 
Bureau of Consumer Protection, Federal Trade Commission, 600 
Pennsylvania Avenue NW., Stop CC-9528, Washington, DC 20580, (202) 326-
2814.

SUPPLEMENTARY INFORMATION: The FTC is issuing final rules to publish 
procedures to use debt collection tools authorized by Government-wide 
Federal Claims Collection Standards (``FCCS'') and applicable Federal 
debt collection statutes for amounts owed to the United States. These 
rules supplement and complement the Commission's existing 
administrative wage garnishment rule for non-Federal wages, 16 CFR 
1.100, to collect amounts that may be owed to the FTC, including 
amounts owed under Commission orders and judgments. These additional 
procedures, where applicable, will enable the use of administrative 
offset against other Federal payments that may be due to the debtor, 
including a tax refund offset, to satisfy such debts. These rules are 
not intended to, and do not create, any separate or additional rights 
to notice or opportunity to challenge the amount or validity of debts 
that have already been reduced to judgment or are otherwise legally 
final and binding, such as debts arising from judgments or orders 
entered upon the consent or agreement of the debtor. (In addition, the 
FTC is updating 16 CFR 1.100 to substitute the ``Bureau of the Fiscal 
Service'' for the former name of that agency, the ``Financial 
Management Service.'') These rules do not require notice and public 
comment under the Administrative Procedure Act, because they are agency 
rules of practice and adopt applicable Government-wide regulations 
without material change. See 5 U.S.C. 553(b)(A) & (B). Similarly, the 
Commission also finds good cause to dispense with the 30-day delay in 
the effective date normally required by the Administrative Procedure 
Act. 5 U.S.C. 553(d). No hardship will be imposed on debtors by the 
rules' immediate implementation. Rather, the public will benefit 
because the rule revisions codify procedures governing the use of debt 
collection tools authorized by the FCCS and applicable Federal debt 
collection statutes.
    The rules have two parts. Under Subpart P, the Commission's 
administrative debt collection activities shall be conducted in 
accordance with applicable Government-wide debt collection regulations, 
including the Federal Claims Collection Standards (FCCS), 31 CFR parts 
900-904, jointly promulgated by the Departments of Justice and 
Treasury, and related Treasury debt collection regulations, 31 CFR part 
285, utilized when the Commission refers a debt to Treasury for 
collection, including the centralized offset of Federal payments by 
Treasury. Furthermore, consistent with 31 U.S.C. 3716(b)(1), Subpart P 
expressly adopts, without change, applicable FCCS provisions governing 
the use of administrative offset in Federal debt collection activities. 
Subpart Q applies to tax refund offsets, and sets forth the procedures 
that shall apply when the Commission refers a debt to Treasury for 
collection by such means, consistent with the Federal statutes 
governing administrative offset generally (31 U.S.C. 3716) and tax 
refund offset specifically (31 U.S.C. 3720A), and the corresponding 
provisions of the FCCS and Treasury part 285 regulations, supra.

List of Subjects in 16 CFR Part 1

    Administrative practice and procedure, Claims, Debts, Garnishment 
of wages, Hearing and appeal procedures, Pay administration, Salaries, 
Wages.

    For the reasons stated in the preamble, the Federal Trade 
Commission amends part 1, title 16, Code of Federal Regulations, as 
follows:

PART 1--GENERAL PROCEDURES

0
1. The authority citation for part 1 continues to read as follows:

    Authority: Sec. 6, 38 Stat. 721 (15 U.S.C. 46), unless otherwise 
noted.


Sec.  1.100  [Amended]

0
2. Amend Sec.  1.100 by removing from paragraph (a) the phrase 
``Financial Management Service'' and adding in its place the phrase 
``Bureau of the Fiscal Service''.


Sec.  1.102-1.109  [Added and Reserved]

0
3. In subpart O, add and reserve Sec. Sec.  1.102-1.109.

0
4. Add new subparts P and Q to read as follows:
Subpart P--Administrative Debt Collection, Including Administrative 
Offset
Sec.
1.110 Application of Government-wide administrative claims 
collections standards and adoption of administrative offset 
regulations.
1.111-1.119 [Reserved]
Subpart Q--Tax Refund Offset
1.120 Purpose.
1.121 Notification of intent to collect.
1.122 Commission action as a result of consideration of evidence 
submitted in response to the notice of intent.
1.123 Change in notification to Bureau of the Fiscal Service.
1.124 Interest, penalties, and costs.

Subpart P--Administrative Debt Collection, Including Administrative 
Offset

    Authority: 31 U.S.C. 3701 et seq.


Sec.  1.110  Application of Government-wide administrative claims 
collections standards and adoption of administrative offset 
regulations.

    (a) The Commission shall apply the Federal Claims Collection 
Standards (FCCS), 31 CFR parts 900-904, in the administrative 
collection, offset, compromise, suspension, termination, and referral 
of collection activity for civil claims for money, funds, or property, 
as defined by 31 U.S.C. 3701(b), unless specific Federal agency 
statutes or regulations apply to such activities or, as provided for by 
Title 11 of the United States Code, when the claims involve bankruptcy. 
The Commission shall also follow Department of Treasury regulations set 
forth at 31 CFR part 285, as applicable, for administrative debt 
collection, including centralized offset of federal payments to collect 
non-tax debts that may be owed to the Commission, 31 CFR 285.5. Nothing 
in this subpart shall be construed to supersede or require the 
Commission to provide additional notice or other procedures that may 
have already been provided or afforded to a debtor in the course of 
administrative or judicial litigation or otherwise.

[[Page 2743]]

    (b) For purposes of 31 U.S.C. 3716(b)(1), the Commission adopts 
without change the regulations on collection by administrative offset 
set forth at 31 CFR 901.3 and other relevant sections of the FCCS 
applicable to such offset.


Sec. Sec.  1.111-1.119   [Reserved]

Subpart Q--Tax Refund Offset

    Authority: 31 U.S.C. 3716 and 3720A, 31 CFR 285.2(c).


Sec.  1.120  Purpose.

    This subpart establishes procedures for the Commission's referral 
of past-due legally enforceable debts to the Department of the 
Treasury's Bureau of the Fiscal Service (Fiscal Service) for offset 
against the tax refund payments of the debtor, consistent with 
applicable Fiscal Service regulations and definitions set forth in 31 
CFR 285.2 and 285.5.


Sec.  1.121  Notification of intent to collect.

    (a) Notification before tax refund offset. Reduction of a tax 
refund payment will be made only after the Commission makes a 
determination that an amount is owed and past-due and gives or makes a 
reasonable attempt to give the debtor 60 days written notice of the 
intent to collect by tax refund offset.
    (b) Contents of notice. The Commission's notice of intent to 
collect by tax refund offset will state:
    (1) The amount of the debt;
    (2) That unless the debt is repaid within 60 days from the date of 
the notice, the Commission intends to collect the debt by requesting a 
reduction of any amounts payable to the debtor as a Federal tax refund 
payment by an amount equal to the amount of the debt and all 
accumulated interest and other charges;
    (3) That the debtor, within 60 days from the date of the notice, 
has an opportunity to make a written agreement to repay the amount of 
the debt, unless such opportunity has previously been provided;
    (4) A mailing address for forwarding any written correspondence and 
a contact name and a telephone number for any questions; and
    (5) That the debtor may present evidence to the Commission that all 
or part of the debt is not past due or legally enforceable by:
    (i) Sending a written request for a review of the evidence to the 
address provided in the notice;
    (ii) Stating in the request the amount disputed and the reasons why 
the debtor believes that the debt is not past due or is not legally 
enforceable; and
    (iii) Including in the request any documents that the debtor wishes 
to be considered or stating that the additional information will be 
submitted within the remainder of the 60-day period.
    (c) A debtor may dispute the existence or amount of the debt or the 
terms of repayment, except with respect to debts established by a 
judicial or administrative order. In those cases, the debtor may not 
dispute matters or issues already settled, litigated, or otherwise 
established by such order, including the amount of the debt or the 
debtor's liability for that debt, except to the extent that the debtor 
alleges that the amount of the debt does not reflect payments already 
made to repay the debt in whole or part.


Sec.  1.122  Commission action as a result of consideration of evidence 
submitted in response to the notice of intent.

    (a) Consideration of evidence. If, in response to the notice 
provided to the debtor under Sec.  1.121, the Commission is notified 
that the debtor will submit additional evidence, or the Commission 
receives additional evidence from the debtor within the prescribed 
time, tax refund offset will be stayed until the Commission can:
    (1) Consider the evidence presented by the debtor;
    (2) Determine whether all or a portion of the debt is still past 
due and legally enforceable; and
    (3) Notify the debtor of its determination, as set forth in 
paragraph (b) of this section.
    (b) Commission action on the debt. (1) If, after considering any 
additional evidence from the debtor, the Commission determines that the 
debt remains past-due and legally enforceable, the Commission will 
notify the debtor of its intent to refer the debt to the Fiscal Service 
for offset against the debtor's Federal tax refund payment, including 
whether the amount of the debt remains the same or is modified; or
    (2) If, after considering any additional evidence from the debtor, 
the Commission determines that no part of the debt remains past-due and 
legally enforceable, the Commission will so notify the debtor and will 
not refer the debt to the Fiscal Service for offset against the 
debtor's Federal tax refund payment.


Sec.  1.123  Change in notification to Bureau of the Fiscal Service.

    After the Commission sends the Fiscal Service notification of a 
debtor's liability for a debt, the Commission will promptly notify the 
Fiscal Service if the Commission:
    (a) Determines that there is a material error or other material 
change in the information contained in the notification, including in 
the amount of the debt, subject to any additional due process 
requirements, where applicable, under this subpart or the Federal 
Claims Collection Standards, if the amount of debt has increased;
    (b) Receives a payment or credits a payment to the account of the 
debtor named in the notification that reduces the amount of the debt 
referred to Fiscal Service for offset; or
    (c) Otherwise concludes that such notification is appropriate or 
necessary.


Sec.  1.124  Interest, penalties, and costs.

    To the extent permitted or required by 31 U.S.C. 3717 or other law, 
regulation, or order, all interest, penalties, and costs applicable to 
the debt or incurred in connection with its referral for collection by 
tax refund offset will be assessed on the debt and thus increase the 
amount of the offset.

    By direction of the Commission.
Donald S. Clark,
Secretary.
[FR Doc. 2016-00313 Filed 1-15-16; 8:45 am]
 BILLING CODE 6750-01-P



                                                  2742              Federal Register / Vol. 81, No. 11 / Tuesday, January 19, 2016 / Rules and Regulations

                                                  FEDERAL TRADE COMMISSION                                These rules do not require notice and                  § 1.100    [Amended]
                                                                                                          public comment under the                               ■ 2. Amend § 1.100 by removing from
                                                  16 CFR Part 1                                           Administrative Procedure Act, because
                                                                                                                                                                 paragraph (a) the phrase ‘‘Financial
                                                                                                          they are agency rules of practice and
                                                  Administrative Debt Collection                                                                                 Management Service’’ and adding in its
                                                                                                          adopt applicable Government-wide
                                                  Procedures                                                                                                     place the phrase ‘‘Bureau of the Fiscal
                                                                                                          regulations without material change.
                                                                                                                                                                 Service’’.
                                                  AGENCY:    Federal Trade Commission                     See 5 U.S.C. 553(b)(A) & (B). Similarly,
                                                  (FTC).                                                  the Commission also finds good cause to                § 1.102–1.109    [Added and Reserved]
                                                  ACTION:   Final rule.                                   dispense with the 30-day delay in the
                                                                                                          effective date normally required by the                ■ 3. In subpart O, add and reserve
                                                  SUMMARY:    The FTC is publishing                       Administrative Procedure Act. 5 U.S.C.                 §§ 1.102–1.109.
                                                  procedures for the administrative                       553(d). No hardship will be imposed on                 ■ 4. Add new subparts P and Q to read
                                                  collection of debts, including those                    debtors by the rules’ immediate                        as follows:
                                                  arising under judgments and orders of                   implementation. Rather, the public will                Subpart P—Administrative Debt Collection,
                                                  the Commission. These procedures,                       benefit because the rule revisions codify              Including Administrative Offset
                                                  where applicable, will allow the use of                 procedures governing the use of debt
                                                                                                                                                                 Sec.
                                                  administrative offset and tax refund                    collection tools authorized by the FCCS                1.110 Application of Government-wide
                                                  offset to satisfy such debts. The use of                and applicable Federal debt collection                      administrative claims collections
                                                  these tools is expected to enhance the                  statutes.                                                   standards and adoption of administrative
                                                  FTC’s enforcement and collection                           The rules have two parts. Under                          offset regulations.
                                                  efforts. The FTC is also making a                       Subpart P, the Commission’s                            1.111–1.119 [Reserved]
                                                  technical revision to its existing rule for             administrative debt collection activities
                                                                                                                                                                 Subpart Q—Tax Refund Offset
                                                  administrative garnishment of non-                      shall be conducted in accordance with
                                                  Federal wages to update the name of the                 applicable Government-wide debt                        1.120 Purpose.
                                                                                                          collection regulations, including the                  1.121 Notification of intent to collect.
                                                  Treasury Department agency                                                                                     1.122 Commission action as a result of
                                                  responsible for cross-servicing debts.                  Federal Claims Collection Standards
                                                                                                                                                                     consideration of evidence submitted in
                                                  DATES: This rule is effective on January                (FCCS), 31 CFR parts 900–904, jointly                      response to the notice of intent.
                                                  19, 2016.                                               promulgated by the Departments of                      1.123 Change in notification to Bureau of
                                                  FOR FURTHER INFORMATION CONTACT:
                                                                                                          Justice and Treasury, and related                          the Fiscal Service.
                                                  Stephen Dowdell, Enforcement                            Treasury debt collection regulations, 31               1.124 Interest, penalties, and costs.
                                                                                                          CFR part 285, utilized when the
                                                  Division, Bureau of Consumer
                                                                                                          Commission refers a debt to Treasury for               Subpart P—Administrative Debt
                                                  Protection, Federal Trade Commission,
                                                                                                          collection, including the centralized                  Collection, Including Administrative
                                                  600 Pennsylvania Avenue NW., Stop
                                                                                                          offset of Federal payments by Treasury.                Offset
                                                  CC–9528, Washington, DC 20580, (202)
                                                                                                          Furthermore, consistent with 31 U.S.C.
                                                  326–2814.
                                                                                                          3716(b)(1), Subpart P expressly adopts,                    Authority: 31 U.S.C. 3701 et seq.
                                                  SUPPLEMENTARY INFORMATION: The FTC
                                                                                                          without change, applicable FCCS
                                                  is issuing final rules to publish                       provisions governing the use of                        § 1.110 Application of Government-wide
                                                  procedures to use debt collection tools                                                                        administrative claims collections standards
                                                                                                          administrative offset in Federal debt                  and adoption of administrative offset
                                                  authorized by Government-wide Federal                   collection activities. Subpart Q applies
                                                  Claims Collection Standards (‘‘FCCS’’)                                                                         regulations.
                                                                                                          to tax refund offsets, and sets forth the
                                                  and applicable Federal debt collection                  procedures that shall apply when the                     (a) The Commission shall apply the
                                                  statutes for amounts owed to the United                 Commission refers a debt to Treasury for               Federal Claims Collection Standards
                                                  States. These rules supplement and                      collection by such means, consistent                   (FCCS), 31 CFR parts 900–904, in the
                                                  complement the Commission’s existing                    with the Federal statutes governing                    administrative collection, offset,
                                                  administrative wage garnishment rule                    administrative offset generally (31                    compromise, suspension, termination,
                                                  for non-Federal wages, 16 CFR 1.100, to                 U.S.C. 3716) and tax refund offset                     and referral of collection activity for
                                                  collect amounts that may be owed to the                 specifically (31 U.S.C. 3720A), and the                civil claims for money, funds, or
                                                  FTC, including amounts owed under                       corresponding provisions of the FCCS                   property, as defined by 31 U.S.C.
                                                  Commission orders and judgments.                        and Treasury part 285 regulations,                     3701(b), unless specific Federal agency
                                                  These additional procedures, where                      supra.                                                 statutes or regulations apply to such
                                                  applicable, will enable the use of                                                                             activities or, as provided for by Title 11
                                                  administrative offset against other                     List of Subjects in 16 CFR Part 1                      of the United States Code, when the
                                                  Federal payments that may be due to the                   Administrative practice and                          claims involve bankruptcy. The
                                                  debtor, including a tax refund offset, to               procedure, Claims, Debts, Garnishment                  Commission shall also follow
                                                  satisfy such debts. These rules are not                 of wages, Hearing and appeal                           Department of Treasury regulations set
                                                  intended to, and do not create, any                     procedures, Pay administration,                        forth at 31 CFR part 285, as applicable,
                                                  separate or additional rights to notice or              Salaries, Wages.                                       for administrative debt collection,
                                                  opportunity to challenge the amount or                    For the reasons stated in the                        including centralized offset of federal
                                                  validity of debts that have already been                preamble, the Federal Trade                            payments to collect non-tax debts that
                                                  reduced to judgment or are otherwise                    Commission amends part 1, title 16,                    may be owed to the Commission, 31
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                                                  legally final and binding, such as debts                Code of Federal Regulations, as follows:               CFR 285.5. Nothing in this subpart shall
                                                  arising from judgments or orders                                                                               be construed to supersede or require the
                                                  entered upon the consent or agreement                   PART 1—GENERAL PROCEDURES                              Commission to provide additional
                                                  of the debtor. (In addition, the FTC is                                                                        notice or other procedures that may
                                                  updating 16 CFR 1.100 to substitute the                 ■ 1. The authority citation for part 1                 have already been provided or afforded
                                                  ‘‘Bureau of the Fiscal Service’’ for the                continues to read as follows:                          to a debtor in the course of
                                                  former name of that agency, the                           Authority: Sec. 6, 38 Stat. 721 (15 U.S.C.           administrative or judicial litigation or
                                                  ‘‘Financial Management Service.’’)                      46), unless otherwise noted.                           otherwise.


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                                                                    Federal Register / Vol. 81, No. 11 / Tuesday, January 19, 2016 / Rules and Regulations                                                2743

                                                    (b) For purposes of 31 U.S.C.                            (iii) Including in the request any                  information contained in the
                                                  3716(b)(1), the Commission adopts                       documents that the debtor wishes to be                 notification, including in the amount of
                                                  without change the regulations on                       considered or stating that the additional              the debt, subject to any additional due
                                                  collection by administrative offset set                 information will be submitted within                   process requirements, where applicable,
                                                  forth at 31 CFR 901.3 and other relevant                the remainder of the 60-day period.                    under this subpart or the Federal Claims
                                                  sections of the FCCS applicable to such                    (c) A debtor may dispute the existence              Collection Standards, if the amount of
                                                  offset.                                                 or amount of the debt or the terms of                  debt has increased;
                                                                                                          repayment, except with respect to debts                  (b) Receives a payment or credits a
                                                  §§ 1.111–1.119     [Reserved]                           established by a judicial or                           payment to the account of the debtor
                                                                                                          administrative order. In those cases, the              named in the notification that reduces
                                                  Subpart Q—Tax Refund Offset                             debtor may not dispute matters or issues               the amount of the debt referred to Fiscal
                                                                                                          already settled, litigated, or otherwise               Service for offset; or
                                                    Authority: 31 U.S.C. 3716 and 3720A, 31
                                                                                                          established by such order, including the                 (c) Otherwise concludes that such
                                                  CFR 285.2(c).
                                                                                                          amount of the debt or the debtor’s                     notification is appropriate or necessary.
                                                  § 1.120   Purpose.                                      liability for that debt, except to the
                                                                                                          extent that the debtor alleges that the                § 1.124   Interest, penalties, and costs.
                                                    This subpart establishes procedures
                                                                                                          amount of the debt does not reflect                      To the extent permitted or required by
                                                  for the Commission’s referral of past-
                                                                                                          payments already made to repay the                     31 U.S.C. 3717 or other law, regulation,
                                                  due legally enforceable debts to the
                                                                                                          debt in whole or part.                                 or order, all interest, penalties, and costs
                                                  Department of the Treasury’s Bureau of
                                                                                                                                                                 applicable to the debt or incurred in
                                                  the Fiscal Service (Fiscal Service) for                 § 1.122 Commission action as a result of               connection with its referral for
                                                  offset against the tax refund payments of               consideration of evidence submitted in                 collection by tax refund offset will be
                                                  the debtor, consistent with applicable                  response to the notice of intent.
                                                                                                                                                                 assessed on the debt and thus increase
                                                  Fiscal Service regulations and                             (a) Consideration of evidence. If, in               the amount of the offset.
                                                  definitions set forth in 31 CFR 285.2 and               response to the notice provided to the
                                                  285.5.                                                  debtor under § 1.121, the Commission is                  By direction of the Commission.
                                                                                                          notified that the debtor will submit                   Donald S. Clark,
                                                  § 1.121   Notification of intent to collect.                                                                   Secretary.
                                                                                                          additional evidence, or the Commission
                                                    (a) Notification before tax refund                    receives additional evidence from the                  [FR Doc. 2016–00313 Filed 1–15–16; 8:45 am]
                                                  offset. Reduction of a tax refund                       debtor within the prescribed time, tax                 BILLING CODE 6750–01–P
                                                  payment will be made only after the                     refund offset will be stayed until the
                                                  Commission makes a determination that                   Commission can:
                                                  an amount is owed and past-due and                         (1) Consider the evidence presented                 SECURITIES AND EXCHANGE
                                                  gives or makes a reasonable attempt to                  by the debtor;                                         COMMISSION
                                                  give the debtor 60 days written notice of                  (2) Determine whether all or a portion
                                                  the intent to collect by tax refund offset.             of the debt is still past due and legally              17 CFR PARTS 229 and 239
                                                    (b) Contents of notice. The                           enforceable; and
                                                  Commission’s notice of intent to collect                                                                       [Release No. 33–10003; File No. S7–01–16]
                                                                                                             (3) Notify the debtor of its
                                                  by tax refund offset will state:                        determination, as set forth in paragraph               RIN 3235–AL88
                                                     (1) The amount of the debt;                          (b) of this section.
                                                     (2) That unless the debt is repaid                      (b) Commission action on the debt. (1)              Simplification of Disclosure
                                                  within 60 days from the date of the                     If, after considering any additional                   Requirements for Emerging Growth
                                                  notice, the Commission intends to                       evidence from the debtor, the                          Companies and Forward Incorporation
                                                  collect the debt by requesting a                        Commission determines that the debt                    by Reference on Form S–1 for Smaller
                                                  reduction of any amounts payable to the                 remains past-due and legally                           Reporting Companies
                                                  debtor as a Federal tax refund payment                  enforceable, the Commission will notify
                                                  by an amount equal to the amount of the                                                                        AGENCY:  Securities and Exchange
                                                                                                          the debtor of its intent to refer the debt             Commission.
                                                  debt and all accumulated interest and                   to the Fiscal Service for offset against
                                                  other charges;                                                                                                 ACTION: Interim final rule; request for
                                                                                                          the debtor’s Federal tax refund payment,
                                                     (3) That the debtor, within 60 days                  including whether the amount of the                    comment.
                                                  from the date of the notice, has an                     debt remains the same or is modified; or               SUMMARY:    The Securities and Exchange
                                                  opportunity to make a written                              (2) If, after considering any additional            Commission (‘‘Commission’’) is
                                                  agreement to repay the amount of the                    evidence from the debtor, the                          adopting interim final amendments to
                                                  debt, unless such opportunity has                       Commission determines that no part of                  its rules and forms to implement
                                                  previously been provided;                               the debt remains past-due and legally
                                                     (4) A mailing address for forwarding                                                                        Sections 71003 and 84001 of the Fixing
                                                                                                          enforceable, the Commission will so                    America’s Surface Transportation
                                                  any written correspondence and a                        notify the debtor and will not refer the
                                                  contact name and a telephone number                                                                            (‘‘FAST’’) Act, which require that the
                                                                                                          debt to the Fiscal Service for offset                  Commission revise Forms S–1 and F–1
                                                  for any questions; and                                  against the debtor’s Federal tax refund
                                                     (5) That the debtor may present                                                                             to permit emerging growth companies to
                                                                                                          payment.                                               omit financial information for certain
                                                  evidence to the Commission that all or
                                                  part of the debt is not past due or legally             § 1.123 Change in notification to Bureau of            historical periods and revise Form S–1
asabaliauskas on DSK5VPTVN1PROD with RULES




                                                  enforceable by:                                         the Fiscal Service.                                    to permit forward incorporation by
                                                     (i) Sending a written request for a                     After the Commission sends the Fiscal               reference for smaller reporting
                                                  review of the evidence to the address                   Service notification of a debtor’s                     companies.
                                                  provided in the notice;                                 liability for a debt, the Commission will              DATES: Effective date: The interim final
                                                     (ii) Stating in the request the amount               promptly notify the Fiscal Service if the              rule is effective on January 19, 2016.
                                                  disputed and the reasons why the                        Commission:                                               Comment date: Comments on the
                                                  debtor believes that the debt is not past                  (a) Determines that there is a material             interim final rules should be received
                                                  due or is not legally enforceable; and                  error or other material change in the                  on or before February 18, 2016.


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Document Created: 2016-01-16 01:09:15
Document Modified: 2016-01-16 01:09:15
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionRules and Regulations
ActionFinal rule.
DatesThis rule is effective on January 19, 2016.
ContactStephen Dowdell, Enforcement Division, Bureau of Consumer Protection, Federal Trade Commission, 600 Pennsylvania Avenue NW., Stop CC-9528, Washington, DC 20580, (202) 326- 2814.
FR Citation81 FR 2742 
CFR AssociatedAdministrative Practice and Procedure; Claims; Debts; Garnishment of Wages; Hearing and Appeal Procedures; Pay Administration; Salaries and Wages

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