[Code of Federal Regulations]
[Title 17, Volume 2]
[Revised as of April 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 17CFR204.1]

[Page 203]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER II--SECURITIES AND EXCHANGE COMMISSION
 
PART 204--RULES RELATING TO DEBT COLLECTION--Table of Contents
 
                    Subpart A--Administrative Offset
 
Sec. 204.1  Applicability and scope.

    Authority: 31 U.S.C. 3716, 4 CFR 102.

    Source: 58 FR 64370, Dec. 7, 1993, unless otherwise noted.


    (a) The procedures authorized for administrative offset are 
contained in Section 10 of the Debt Collection Act (codified at 31 
U.S.C. 3716). The Act requires that notice procedures be observed by the 
agency. The debtor is also afforded an opportunity to inspect and copy 
government records pertaining to the claim, enter into an agreement for 
repayment, and to a review of the claim (if requested). Like salary 
offset, agencies may cooperate with one another in order to effectuate 
recovery of the claim.
    (b) The provisions of this subpart apply to the collection of debts 
owed to the United States arising from transactions with the Securities 
and Exchange Commission (Commission). Administrative offset is 
authorized under Section 5 of the Federal Claims Collection Act of 1966, 
as amended by the Debt Collection Act of 1982 (31 U.S.C. 3716). These 
regulations are consistent with the Federal Claims Collection Standards 
on administrative offset issued jointly by the Department of Justice and 
the General Accounting Office (4 CFR part 102).