Summary: H.R.5995 — 102nd Congress (1991-1992)All Information (Except Text)

There is one summary for H.R.5995. Bill summaries are authored by CRS.

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Introduced in House (09/22/1992)

Federal Credit and Debt Management Act of 1992 - Amends Federal law to require the head of an executive or legislative agency to take all appropriate and cost-effective actions to collect aggressively all claims of the U.S. Government. Expands agency debt-collection authorities.

Makes businesses eligible for the Internal Revenue Service tax refund offset program.

Prohibits any person from obtaining any Federal financial assistance in the form of a loan (except for a Commodity Credit Corporation price support loan) or loan guarantee if such person has an outstanding debt with an executive agency which is in a delinquent status. Allows the agency head to waive such prohibition.

Requires each Federal agency to develop a data base of information on outstanding debt which is in a delinquent status. Allows the sharing of such information among Federal agencies.

Requires persons doing business with the Federal Government in any loan program, as grant recipients, insurance or license recipients, or contractors to furnish their taxpayer identifying number. Requires agency disclosure on the use of such number to include the intent to use it for purposes of collecting or reporting on delinquent amounts arising out of the persons' relationship with the Federal Government.

Sets forth requirements for the head of each Federal agency guaranteeing or insuring loans with respect to program management. Requires the charge of a late fee, in addition to scheduled principal and interest, on claims that are in delinquent status. Requires the assessment, in addition to the late fee, of any amounts necessary to cover the charges levied by another agency or private collector for collecting delinquent claims through Federal salary offset, tax refund offset, private debt collection contractors, or other such explicit fees or charges. Authorizes agencies to retain one-half of collected fees to be used for specified purposes.

Removes restrictions on legal fees charged for contracts for collection services in cases of claims of indebtedness owed to the United States.

Revises requirements for agency disclosures of information to credit reporting agencies.

Removes certain limitations on contracting out legal services for the collection of indebtedness.

Amends the Internal Revenue Code to require the Secretary of the Treasury to determine on an annual or more frequent basis whether any employee of the Federal Government or the District of Columbia neglects or refuses to pay any tax after being notified of a levy.

Amends Federal law to provide that administrative offset collections do not apply to contracts subject to the Contract Disputes Act of 1978.