96 STAT. 1756
PUBLIC LAW 97-365—OCT. 25, 1982
"(B) assess a penalty charge, not to exceed 6 per centum per annum, for failure to pay any portion of a debt more than ninety days past due. "(3) Interest and charges under paragraphs (1) and (2) shall not apply if an applicable statute, a regulation required by statute, a loan agreement, or a contract either prohibit the charging of interest or charges, or explicitly fix interest or charges that apply to Waivers. claims involved. The head of an agency or his designee may promulgate regulations identifying circumstances appropriate to waive collection of interest and charges in conformity with such standards as may be promulgated jointly by the Attorney General and the Comptroller General. Waivers in accordance with such regulations shall constitute compliance with the requirements of paragraphs (1) and (2). "(4) This subsection shall not apply to any claim under a contract which is executed before the effective date of this subsection and which is in effect on that date. Interest accrual. "(5) Subject to paragraph (6), interest under paragraph (1) shall accrue— "(A) except as provided in subparagraph (B), from the date on which notification of the amount due on the claim is first mailed to the debtor (using the most current address of such debtor that is available to the head of the agency or his designee); or "(B) if such notification was first mailed before the date of the Ante, p. 1749. enactment of the Debt Collection Act of 1982, from the date on which such notification is first mailed after such date of enactment. The rate of interest to be charged on a claim under paragraph (1) shall be the rate in effect on the date from which interest accrues on the claim under subparagraph (A) or (B), and shall remain fixed at that rate for the duration of the indebtedness. "(6) Interest under paragraph (1) shall not be charged if the amount due on the claim is paid within thirty days after the date from which interest accrues under paragraph (5). The head of an agency may extend such thirty-day period. "(7) Interest under this subsection shall not accrue on any charges assessed pursuant to paragraph (2) of this subsection. "Person." "(8) For purposes of this subsection, the term 'person' does not include any agency of the United States or any State or local government." REPORT ON AGENCY DEBT COLLECTION ACTIVITIES
31 USC 955.
SEC. 12. (a) The Director of the Office of Management and Budget, in consultation with the Secretary of the Treasury and Comptroller General of the United States, shall establish regulations requiring each agency with outstanding debts to prepare and transmit to the Director and the Secretary of the Treasury at least once each year a report which summarizes the status of loans and accounts receivable managed by each agency. The report shall contain information regarding— (1) the total amount of loans and accounts receivable owed to the agency and when the funds owed to the agency are due to be repaid; (2) the total amount of receivables and number of claims that are at least thirty days past due;
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