[Code of Federal Regulations]
[Title 7, Volume 10]
[Revised as of January 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR1403.3]

[Page 347-348]
 
                          TITLE 7--AGRICULTURE
 
  CHAPTER XIV--COMMODITY CREDIT CORPORATION, DEPARTMENT OF AGRICULTURE
 
PART 1403_DEBT SETTLEMENT POLICIES AND PROCEDURES--Table of Contents
 
Sec.  1403.3  Definitions.

    The following definitions shall be applicable to this part:
    Administrative charges means the additional costs of processing 
delinquent debts against the debtor, to the extent such costs are 
attributable to the delinquency. Such costs include, but are not limited 
to, costs incurred in obtaining a credit report, costs of employing 
commercial firms to locate debtor, costs of employing contractors for 
collection services, costs of selling collateral or property to satisfy 
the debt.
    Administrative offset means deducting money payable or held by the 
United States Government, or any agency thereof, to satisfy in whole or 
in part a debt owed the Government, or any agency thereof.
    FSA means the Farm Service Agency of the United States Department of 
Agriculture (USDA).
    Carrier means a person or other entity, including but not limited to 
railroads, motor carriers, ocean carriers or piggyback enterprises, 
which provide transportation or other transportation-related services 
for compensation.

[[Page 348]]

    Certified financial statement means an account of the assets, 
liabilities, income and expenses of a debtor, executed in accordance 
with generally accepted accounting principles and attested to as 
accurate by the preparer, under penalty of perjury.
    CCC means the Commodity Credit Corporation.
    Claim means an amount of money or property which has been determined 
by CCC, after a notice of delinquency and a demand for the payment of 
the debt has been made by CCC, to be owed to CCC by any person other 
than a Federal agency.
    Credit reporting agency means:
    (1) A reporting agency as defined at 4 CFR 102.5(a), or
    (2) Any entity which has entered into an agreement with USDA 
concerning the referral of credit information.
    Debt means any amount owed to CCC or owed by CCC which has not been 
satisfied through payment or otherwise.
    Debt record refers to the account, register, balance sheet, file, 
ledger, data file, or similar record of debts owed to CCC, FSA, or any 
other Government Agency with respect to which collection action is being 
pursued, and which is maintained in an FSA office.
    Delinquent debt means:
    (1) Any debt owed to CCC that has not been paid by the date 
specified in the applicable statute, regulation, contract, or agreement; 
or
    (2) any debt that has not been paid by the date of an initial 
notification of indebtedness mailed or hand-delivered pursuant to Sec.  
1403.4.
    Discharged debt means any debt, or part thereof, which CCC has 
determined is uncollectible.
    IRS means the Internal Revenue Service.
    Late payment interest rate means the amount of interest charged on 
delinquent debts and claims. The late payment interest rate shall be 
determined as of the date a debt becomes delinquent and shall be equal 
to the rate of interest assessed under the Prompt Payment Act.
    Person means an individual, partnership, association, corporation, 
estate or trust, or other business enterprise or other legal entity and, 
whenever applicable, the Federal Government or a State government, or 
any agency thereof.
    Salary offset means the deduction of money from the current pay 
account of a present or former Government employee payable by the United 
States Government to, or held by the Government for, such person to 
satisfy a debt that person owes the Government.
    Settlement means any final disposition of a debt or claim.
    Shipment means a carload, truckload, containerload, or other 
conveyance load of freight shipped from one location by one shipper for 
delivery. Such shipment must move in accordance with the terms of a 
commercial or ocean bill or lading, or other similar agreement between 
the carrier and CCC. In the case of export shipments, the agreement may 
also be between the carrier and a private voluntary organization, 
foreign government, or the Agency for International Development.
    System of records means a group of any records under the control of 
CCC or FSA from which information is retrieved by the name of the 
individual, organization or other entity or by some identifying number, 
symbol, or other identification assigned to the individual, organization 
or other entity.
    Withholding means the taking of action to temporarily prevent the 
payment of some or all amounts to a debtor under one or more contracts 
or programs.

[54 FR 52878, Dec. 22, 1989, as amended at 56 FR 66955, Dec. 27, 1991]