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e-CFR data is current as of June 30, 2020

Title 7Subtitle BChapter XVIIISubchapter HPart 1956Subpart C → §1956.118


Title 7: Agriculture
PART 1956—DEBT SETTLEMENT
Subpart C—Debt Settlement—Community and Business Programs


§1956.118   Approval authority.

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:

(a) 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.

(b) 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.

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