12 CFR 1408.40 - Refunds.

Regulations last checked for updates: Nov 24, 2024

Title 12 - Banks and Banking last revised: Nov 20, 2024

View all text of Subpart C [§ 1408.35 - § 1408.43]

§ 1408.40 - Refunds.

(a) In instances where the Corporation is the creditor agency, it shall promptly refund any amounts deducted under the authority of 5 U.S.C. 5514 when:

(1) The debt is waived or otherwise found not to be owed to the United States (unless expressly prohibited by statute or regulations); or

(2) An administrative or judicial order directs the Corporation to make a refund.

(b) Unless required or permitted by law or contract, refunds under this section shall not bear interest.

authority: Sec. 5.58 of the Farm Credit Act (12 U.S.C. 2277a-7); 31 U.S.C. 3701-3719; 5 U.S.C. 5514; 4 CFR parts 101-105; 5 CFR part 550

source: 59 FR 24899, May 13, 1994, unless otherwise noted.

cite as: 12 CFR 1408.40