[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: 17CFR204.52]

[Page 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. 204.52  Notification of intent to collect.

    (a) Notification before submission to the IRS. A request for 
reduction of an IRS income tax refund 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 IRS tax refund offset.
    (b) Contents of notice. The Commission's notice of intent to collect 
by IRS tax refund offset (Notice of Intent) will state:
    (1) The amount of the debt;
    (2) That unless the debt is repaid within 60 days from the date of 
the Commission's Notice of Intent, the Commission intends to collect the 
debt by requesting the IRS to reduce any amounts payable to the debtor 
as a Federal income tax refund by an amount equal to the amount of the 
debt and all accumulated interest and other charges;
    (3) A mailing address for forwarding any written correspondence and 
a contact name and a telephone number for any questions; and
    (4) 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.