Debt settlement plans filed by terminating committees; Commission review.

CFR · 2024-01-01 · US · Title 11

(a) (1) Has been paid in full; (2) Has been settled and the requirements of this section, including Commission review, have been satisfied; (3) Has been forgiven by the creditor and the requirements of 11 CFR 116.8, including Commission review, have been satisfied; (4) Has been determined not to be payable pursuant to 11 CFR 116.9; or (5) Has been otherwise extinguished or discharged. (b) (1) Amounts owed to commercial vendors ( (2) Debts arising from advances by committee staff and other individuals ( (3) Salary owed to committee employees ( (4) Debts arising from loans from political committees or individuals, including candidates, to the extent permitted under 11 CFR part 110. (c) (2) Disputed debts are not subject to the debt settlement and Commission review requirements and procedures. ( (d) (e) (i) The terms of the initial extension of credit and a description of the terms under which the creditor has extended credit to nonpolitical debtors of similar risk and size of obligation; (ii) A description of the efforts made by the candidate or the terminating committee to satisfy the debt; (iii) A description of the remedies pursued by the creditor to obtain payment of the debt and a comparison to the remedies customarily pursued by the creditor in similar circumstances involving nonpolitical debtors; and (iv) The terms of the debt settlement and a comparison to the terms of the creditor's other debt settlements involving nonpolitical debtors in similar circumstances, if any.

official document · source cfr-2024 · id 11:§ 116.7