29 CFR 20.58 - Rate of interest.

Beta! The text on the eCFR tab represents the unofficial eCFR text at ecfr.gov.
§ 20.58 Rate of interest.

(a) The rate of interest assessed shall be the rate of the current value of funds to the United States Treasury as published in the Federal Register (as of the date the notice is sent), unless another rate is specified by statute, regulations or preexisting contract condition. The Office of the Chief Financial Officer will notify agencies promptly of the current Treasury rate. The responsible agency may assess a higher rate of interest if it reasonably determines that a higher rate is necessary to protect the interests of the United States, and such rate is agreed to by the Chief Financial Officer (or his designee). The rate of interest prescribed in section 6621 of the Internal Revenue Code shall be sought for backwages recovered in litigation by the Department.

(b) The rate of interest as initially assessed shall remain fixed for the duration of the indebtedness, except that where a debtor has defaulted on a repayment agreement and seeks to enter into a new agreement, the agency may set a new interest rate which reflects the current value of funds to the Treasury at the time the new agreement is executed.

(c) Interest shall not be assessed on interest, penalties or administrative costs required by this subpart. However, if the debtor defaults on a previous repayment agreement, charges which accrued but were not collected under the defaulted agreement shall be added to the principal to be paid under a new repayment agreement.

Title 29 published on 2015-07-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 29 CFR Part 20 after this date.

  • 2015-10-08; vol. 80 # 195 - Thursday, October 8, 2015
    1. 80 FR 60797 - Administrative Wage Garnishment Procedures
      GPO FDSys XML | Text
      DEPARTMENT OF LABOR, Office of the Secretary
      Interim final rule with request for comments.
      This rule is effective October 8, 2015. Comments must be received within 30 days of publication, which is on or before November 9, 2015.
      29 CFR Part 20