§20.60. Application of partial payments to amounts owed.
29 C.F.R. § 20.60
When a debt is paid in partial or installment payments, amounts received by the responsible agency should be applied first to outstanding penalty and administrative cost charges, second to accrued interest, and third to outstanding principal.
Notes, amendments, and revision history
Authority
Authority: 31 U.S.C. 3711 et seq.; Subpart D is also issued under 5 U.S.C. 5514; Subpart E is also issued under 31 U.S.C. 3720A; Subpart F is also issued under 31 U.S.C. 3720D.
Source
Source: 50 FR 5202, Feb. 6, 1985, unless otherwise noted.