N.M. Admin. Code § 5.7.33.8

Current through Register Vol. 35, No. 24, December 23, 2024

Section 5.7.33.8 - SUBMITTING REQUESTS TO THE TAXATION AND REVENUE DEPARTMENT ("TRD")

A. Eligible accounts: Requests for collection by refund offset may be made by the department to enforce repayment of educational loan debts pursuant to the Tax Refund Intercept Program Act, Section 7-2C-3 et seq. NMSA 1978.

B. Criteria for submittal: Debts must meet the following criteria set by TRD for the tax refund offset process:

(1) the debt must be a loan for educational purposes;

(2) the debt must be equal to or more than one-hundred ($100);

(3) the debt must be:

(a) originated by the department; and

(b) owned by the department

(4) the debt must have been reduced to judgment.

C. Procedure for setoff request to TRD/suspense account: Submitting requests: All submissions for setoffs should be made to TRD in the manner required by TRD and by the required date set by TRD. The list of setoffs requested will contain information such as debtor name, social security number, unpaid balance of judgment against debtor and such other information as TRD may require.

D. Suspense account: Upon receipt of money transferred from the TRD, the department shall deposit and hold the money in a suspense account until a final determination of the offset is made.

N.M. Admin. Code § 5.7.33.8

Adopted by New Mexico Register, Volume XXVIII, Issue 20, October 31, 2017, eff. 10/31/2017