[Code of Federal Regulations]
[Title 12, Volume 6]
[Revised as of January 1, 2008]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR608.826]

[Page 43]
 
                       TITLE 12--BANKS AND BANKING
 
                 CHAPTER VI--FARM CREDIT ADMINISTRATION
 
PART 608_COLLECTION OF CLAIMS OWED THE UNITED STATES--Table of Contents
 
                     Subpart B_Administrative Offset
 
Sec. 608.826  Stay of offset.

    (a)(1) When a creditor agency receives a debtor's request for 
inspection of agency records, the offset is stayed for 10 calendar days 
beyond the date set for the record inspection.
    (2) 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.
    (3) When a review is conducted, the offset is stayed until the 
creditor agency issues a final written decision.
    (b) When offset is stayed, the amount of the debt and the amount of 
any accrued interest or other charges will be withheld from payments to 
the debtor. The withheld amounts shall not be applied against the debt 
until the stay expires. If withheld funds are later determined not to be 
subject to offset, they will be promptly refunded to the debtor.
    (c) If the FCA is the creditor agency and the offset is stayed, the 
FCA will immediately notify an offsetting agency to withhold the payment 
pending termination of the stay.