[Code of Federal Regulations]
[Title 11, Volume 1]
[Revised as of January 1, 2008]
From the U.S. Government Printing Office via GPO Access
[CITE: 11CFR116.9]

[Page 245-246]
 
                       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 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

[[Page 246]]

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.