§1956.118. Approval authority.
7 C.F.R. § 1956.118
District Directors cannot approve debt settlement actions. Therefore, they will make no statements to a debtor concerning the action that may be taken upon a debtor's application. Subject to this subpart, the compromise, adjustment, cancellation, or chargeoff of debts will be approved or rejected:
By the State Director when the outstanding balance of the indebtedness involved in the settlement is less then $50,000, including principal, interest, and other charges.
By the Administrator or his designee when the outstanding balance of the indebtedness involved in the settlement is $50,000 or more, including principal, interest, and other charges.
Notes, amendments, and revision history
Source
Source: 53 FR 13100, Apr. 21, 1988, unless otherwise noted.
Authority
Authority: 5 U.S.C. 301; and 7 U.S.C. 1989.
Source
Source: 51 FR 45434, Dec. 18, 1986, unless otherwise noted.