[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: 17CFR204.9]

[Page 206]
 
              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. 204.9  Administrative offset procedures.

    (a) If the debtor does not exercise the right to request a review 
within the time specified in Sec. 204.4, or if as a result of the 
review, it is determined that the debt is due and no written agreement 
is executed, then administrative offset shall be ordered in accordance 
with this subpart without further notice.
    (b) Travel advance. The Commission will deduct outstanding advances 
provided to Commission travelers from other amounts owed the traveler by 
the agency whenever possible and practicable. Monies owed by an employee 
for outstanding travel advances that cannot be deducted from other 
travel amounts due that employee will be collected through salary offset 
as described in subpart B of this part.
    (c) Requests for offset to other Federal agencies. The Chairperson 
(or his or her designee) may request that a debt owed to the Commission 
be administratively offset against funds due and payable to a debtor by 
another Federal agency. In requesting administrative offset, the 
Commission, as creditor, will certify in writing to the Federal agency 
holding funds of the debtor:
    (1) That the debtor owes the debt;
    (2) The amount and basis of the debt; and
    (3) That the Commission has complied with the requirements of 31 
U.S.C. 3716, its own administrative offset regulations and the 
applicable provisions of 4 CFR part 102 with respect to providing the 
debtor with due process.
    (d) Requests for offset from other Federal agencies. Any Federal 
agency may request that funds due and payable to its debtor by the 
Commission be administratively offset in order to collect a debt owed to 
such Federal agency by the debtor. The Commission shall initiate the 
requested offset only upon:
    (1) Receipt of written certification from the creditor agency:
    (i) That the debtor owes the debt;
    (ii) The amount and basis of the debt;
    (iii) That the agency has prescribed regulations for the exercise of 
administrative offset; and
    (iv) That the agency has complied with its own administrative offset 
regulations and with the applicable provisions of 4 CFR part 102, 
including providing any required hearing or review.
    (2) A determination by the Commission that collection by offset 
against funds payable by the Commission would be in the best interest of 
the United States as determined by the facts and circumstances of the 
particular case, and that such offset would not otherwise be contrary to 
law.