Goto Section: 1.1913 | 1.1915 | Table of Contents
FCC 1.1914
Revised as of October 2, 2015
Goto Year:2014 |
2016
§ 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: 2014 |
2016
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