Code of Federal Regulations · Section
§ 391.4 — Documentary Evidence
31 C.F.R. § 391.4
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(a) When late charges are waived, the debtor's administrative file shall be properly documented with a memorandum. The memorandum shall contain a brief narrative statement describing the circumstances leading to the waiver and the reason(s) for granting the waiver.
(b) A credit report or a financial statement sworn to by the debtor may be required before waiver of late charges is approved for a compromise, suspension, or termination, except where the cost of obtaining such a report or statement exceeds the late charges due.
Authorizing Statute
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Definitions and application31 U.S.C. § 3701
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Collection and compromise31 U.S.C. § 3711
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Interest and penalty on claims31 U.S.C. § 3717