[Code of Federal Regulations]
[Title 11, Volume 1]
[Revised as of January 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 11CFR116.9]

[Page 243-244]
 
                       TITLE 11--FEDERAL ELECTIONS
 
                 CHAPTER I--FEDERAL ELECTION COMMISSION
 
PART 116_DEBTS OWED BY CANDIDATES AND POLITICAL COMMITTEES--Table of Contents
 
Sec.  116.9  Creditors that cannot be found or that are out of business.

    (a) General requirements. A political committee may request that the 
Commission determine that a debt owed to a creditor is not payable for 
purposes of the Act if the debt has been outstanding for at least 
twenty-four months, and the requirements of paragraph (b) or (c) of this 
section, as appropriate, have been satisfied, and--
    (1) The creditor has gone out of business and no other entity has a 
right to be paid the amount owed; or
    (2) The political committee has exercised reasonable diligence in 
attempting to locate the creditor and has been unable to do so. 
Reasonable diligence in attempting to locate the creditor means the 
political committee has attempted to ascertain the current address and 
telephone number, and has attempted to contact the creditor by 
registered or certified mail, and either in person or by telephone.
    (b) Terminating committees. If the political committee making the 
request is a terminating committee, the terminating committee shall 
include the request in a debt settlement plan filed with the Commission, 
and shall demonstrate that the requirements of 11 CFR 116.3, 116.5 or 
116.6, as appropriate, and 116.9(a) are satisfied. The terminating 
committee shall continue to disclose the debt on its schedules of 
outstanding debts and obligations until the Commission has completed its 
review of the debt settlement plan pursuant to 11 CFR 116.7(f) and has 
determined that the debt is not payable for purposes of the Act.
    (c) Ongoing committees. If the political committee making the 
request is an ongoing committee, the ongoing committee shall make the 
request in writing and shall demonstrate that the requirements of 11 CFR 
116.3, 116.5 or 116.6, as appropriate, and 116.9(a) are satisfied. The 
Commission will review the request to determine whether the ongoing 
committee and the creditor

[[Page 244]]

have complied with the requirements of 11 CFR part 116, and to determine 
whether reporting the debt as not payable would result in an apparent 
violation of the Act or the Commission's regulations. The ongoing 
committee shall continue to disclose the debt on its schedules of 
outstanding debts and obligations until the Commission has completed its 
review of the request and has determined that the debt is not payable 
for purposes of the Act.
    (d) Reporting. Upon notification that the Commission has determined 
that the debt is not payable for purposes of the Act, the political 
committee may list the debt as not payable on the next due report. 
Notwithstanding 11 CFR 104.11, the debt does not have to be included in 
subsequent reports unless the status of the debt changes. The presence 
of a debt that the Commission has determined is not payable shall not 
bar the political committee from terminating its registration pursuant 
to 11 CFR 102.3.