§1408.40. Refunds.

12 C.F.R. § 1408.40

(a)

In instances where the Corporation is the creditor agency, it shall promptly refund any amounts deducted under the authority of 5 U.S.C. 5514 when:

(1)

The debt is waived or otherwise found not to be owed to the United States (unless expressly prohibited by statute or regulations); or

(2)

An administrative or judicial order directs the Corporation to make a refund.

(b)

Unless required or permitted by law or contract, refunds under this section shall not bear interest.

Notes, amendments, and revision history

Authority: Sec. 5.58 of the Farm Credit Act (12 U.S.C. 2277a-7); 31 U.S.C. 3701-3719; 5 U.S.C. 5514; 4 CFR parts 101-105; 5 CFR part 550.

Source: 59 FR 24899, May 13, 1994, unless otherwise noted.