Page:United States Statutes at Large Volume 96 Part 2.djvu/1110

 96 STAT. 2472

Regulations.

Limitations.

31 USC 3717.

Publication. Effective date.

PUBLIC LAW 97-452—JAN. 12, 1983

"(3) an opportunity for a review within the agency of the decision of the agency related to the claim; and "(4) an opportunity to make a written agreement with the head of the agency to repay the amount of the claim. "(b) Before collecting a claim by administrative offset under subsection (a) of this section, the head of an executive or legislative agency must prescribe regulations on collecting by administrative offset based on— "(1) the best interests of the United States Government; "(2) the likelihood of collecting a claim by administrative offset; and "(3) for collecting a claim by administrative offset after the 6year period for bringing a civil action on a claim under section 2415 of title 28 has expired, the cost effectiveness of leaving a claim unresolved for more than 6 years. "(c) This section does not apply— "(1) to a claim under this subchapter that has been outstanding for more than 10 years; or (2) when a statute explicitly provides for or prohibits using administrative offeet to collect the claim or type of claim involved. "§ 3717. Interest and penalty on claims "(a)(1) The head of an executive or legislative agency shall charge a minimum annual rate of interest on an outstanding debt on a United States Government claim owed by a person that is equal to the average investment rate for the Treasury tax and loan accounts for the 12-month period ending on September 30 of each year, rounded to the nearest whole percentage point. The Secretary of the Treasury shall publish the rate before November 1 of that year. The rate is effective on the first day of the next calendar quarter. "(2) The Secretary may change the rate of interest for a calendar quarter if the average investment rate for the 12-month period ending at the close of the prior calendar quarter, rounded to the nearest whole percentage point, is more or less than the existing published rate by 2 percentage points. "(b) Interest under subsection (a) of this section accrues from the date— "(1) on which notice is mailed after October 25, 1982, if notice was first mailed before October 25, 1982; or "(2) notice of the amount due is first mailed to the debtor at the most current address of the debtor available to the head of the executive or legislative agency, if notice is first mailed after October 24, 1982. "(c) The rate of interest charged under subsection (a) of this section— "(1) is the rate in effect on the date from which interest begins to accrue under subsection (b) of this section; and "(2) remains fixed at that rate for the duration of the indebtedness. "(d) Interest under subsection (a) of this section may not be charged if the amount due on the claim is paid within 30 days after the date from which interest accrues under subsection (b) of this section. The head of an executive or legislative agency may extend the 30-day period. "(e) The head of an executive or legislative agency shall assess on a claim owed by a person—

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