Code of Federal Regulations (Last Updated: May 6, 2024) |
Title 12 - Banks and Banking |
Chapter VII - National Credit Union Administration |
SubChapter B - Regulations Affecting the Operations of the National Credit Union Administration |
Part 797 - Procedures for Debt Collection |
Subpart B - Administrative Offset |
§ 797.16 - Stay of offset.
Latest version.
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§ 797.16 Stay of offset.
(a) When a creditor agency receives a debtor's request for inspection of agency records, the offset is stayed for 15 calendar days beyond the date set for the record inspection.
(b) When a creditor agency receives a debtor's offer to enter into a repayment agreement, the offset is stayed until the debtor is notified as to whether the proposed agreement is acceptable.
(c) When a review is conducted, the offset is stayed until the creditor agency issues a final written decision. The written decision must be issued within 60 days after receipt of the debtor's request for review.