§ 34.30 - Application of payments and accrual of interest.

Latest Version
Updated Versions
- Tuesday, November 1, 2011
- Wednesday, January 1, 2003
Related Notices
- 03-3947. Final regulations. 03-3947. Administrative Wage Garnishment
- 02-8969. Notice of proposed rulemaking. 02-8969. Administrative Wage Garnishment

Latest version.

§ 34.30 Application of payments and accrual of interest.

We apply payments received through a garnishment in the following order -

(a) To costs incurred to collect the debt;

(b) To interest accrued on the debt at the rate established by -

(1) The terms of the obligation under which it arises; or

(2) Applicable law; and

(c) To outstanding principal of the debt.

(Authority: 31 U.S.C. 3720D)

                    
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§ 34.30 - Application of payments and accrual of interest.

§ 34.30 Application of payments and accrual of interest.