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Code of Federal Regulations Title 7. Agriculture § 7.1956.118 Approval authority

Current as of January 02, 2025 | Updated by Findlaw Staff

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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Cite this article: FindLaw.com - Code of Federal Regulations Title 7. Agriculture § 7.1956.118 Approval authority - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-7-agriculture/cfr-sect-7-1956-118/

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