[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: 17CFR204.51]

[Page 213-214]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER II--SECURITIES AND EXCHANGE COMMISSION
 
PART 204--RULES RELATING TO DEBT COLLECTION--Table of Contents
 
                      Subpart C--Tax Refund Offset
 
Sec. 204.51  Past-due legally enforceable debt.

    A past-due legally enforceable debt for referral to the IRS is a 
debt that:
    (a) Resulted from:
    (1) Erroneous payments made under the Civil Service Retirement or 
the Federal Employees' Retirement Systems; or
    (2) Unpaid health or life insurance premiums due under the Federal 
Employees' Health Benefits or Federal Employees' Group Life Insurance 
Programs; or
    (3) Any other statute administered by the Commission;

[[Page 214]]

    (b) Is an obligation of a debtor;
    (c) Except in the case of a judgment debt, has been delinquent at 
least three months but not more than ten years at the time the offset is 
made;
    (d) Is at least $25.00;
    (e) With respect to which the individual's rights described in the 
collection of debts owed to the Civil Service Retirement and Disability 
Fund (5 CFR 831.1301 through 831.1309) have been exhausted;
    (f) With respect to which either:
    (1) The Commission's records do not contain evidence that the person 
owing the debt (or his or her spouse) has filed for bankruptcy under 
title 11 of the United States Code; or
    (2) The Commission can clearly establish at the time of the referral 
that the automatic stay under 11 U.S.C. 362 has been lifted or is no 
longer in effect with respect to the person owing the debt or his or her 
spouse, and the debt was not discharged in the bankruptcy proceeding;
    (g) Cannot currently be collected under the salary offset provisions 
of 5 U.S.C. 5514(a)(1);
    (h) Is not eligible for administrative offset under 31 U.S.C. 
3716(a) because of 31 U.S.C. 3716(c)(2), or cannot currently be 
collected as an administrative offset by the Commission under 31 U.S.C. 
3716(a) against amounts payable to the debtor by the Commission; and
    (i) Has been disclosed by the Commission to a consumer reporting 
agency as authorized by 31 U.S.C. 3711(f), unless the consumer reporting 
agency would be prohibited from reporting information concerning the 
debt by reason of 15 U.S.C. 1681c, or unless the amount of the debt does 
not exceed $100.