assignment of claims regulation

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Assignment of claims

The European Commission proposes to harmonise conflict of laws rules on the third-party effects of assignment of claims

When claims are assigned across borders, it's not always easy for investors, credit providers and other market participants to know which national law applies to determine who owns the assigned claims. Different national rules about the third-party (or ownership) effects of assignments of claims complicate the use of claims as collateral and make it difficult for investors to price the risk of debt investments.

Removing legal uncertainties about the ownership of claims after they have been assigned on a cross-border basis is important for the assignor and the assignee of the claims. However, it is also essential for market participants who are not party to the assignment but who interact with any of the parties and need certainty about who has legal title over the assigned claims.

Commission initiatives

The  Action plan on building a capital markets union , adopted by the Commission in September 2015, envisaged targeted action on securities ownership rules and third-party effects of assignments of claims.

In order to consult all interested parties, in February 2017 the Commission published an  inception impact assessment  providing an overview of the problems to be addressed and the possible solutions.

In April 2017, the Commission launched a public consultation ( consultation on conflict of laws rules for third party effects of transactions in securities and claims ) and established an Expert group on conflict of laws regarding securities and claims. The members of the Expert group assisted the Commission by providing specialist advice on private international law and financial markets as a sound basis for policymaking.

On 12 March 2018, the Commission proposed the adoption of common conflict of laws rules on the third-party effects of assignments of claims . The proposal provides that, as a rule, the law of the country where the assignor has its habitual residence will govern the third-party effects of the assignment of claims. As an exception, the law of the assigned claim will govern the third-party effects of the assignment of specific claims. By introducing legal certainty, the new rules will promote cross-border investment, enhance access to credit and contribute to market integration. The proposal, which deals with the law applicable to the ownership questions of assignments of claims, complements the rules in the Rome I Regulation , which deal with the law applicable to the contractual questions of assignments of claims.

Previous work in relation to claims

The question of the third-party effects of assignments of claims was raised when the  Rome Convention  was being transformed into the Rome I Regulation ( Regulation (EC) No 593/2008 ). The Rome I Regulation did not address the issue, but required the Commission to prepare a report on the matter. To that effect, the Commission asked the British Institute of International and Comparative Law (BIICL) to carry out a study and the Commission presented its report in September 2016

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How One Family Lost $900,000 in a Timeshare Scam

A mexican drug cartel is targeting seniors and their timeshares..

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Warning: this episode contains descriptions of violence.

A massive scam targeting older Americans who own timeshare properties has resulted in hundreds of millions of dollars sent to Mexico.

Maria Abi-Habib, an investigative correspondent for The Times, tells the story of a victim who lost everything, and of the criminal group making the scam calls — Jalisco New Generation, one of Mexico’s most violent cartels.

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Maria Abi-Habib , an investigative correspondent for The New York Times based in Mexico City.

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President Joe   Biden Outlines New Plans to Deliver Student Debt Relief to Over 30 Million Americans Under the Biden- ⁠ Harris Administration

Today, Biden-Harris Administration leaders will fan out across the country as President Biden announces his Administration’s new plans to cancel student debt for tens of millions of Americans . The plans, if implemented, would provide debt relief to over 30 million Americans when combined with actions the Biden-Harris Administration has already taken to cancel student debt over the past three years. While Republican elected officials try every which way to block millions of their own constituents from receiving student debt cancellation, President Biden has vowed to use every tool available to cancel student debt for as many borrowers as possible, as quickly as possible. Today, President Biden will travel to Madison, Wisconsin to announce these new plans, while Vice President Harris will travel to Philadelphia, Pennsylvania, Second Gentleman Douglas Emhoff will travel to Phoenix, Arizona, and Secretary of Education Miguel Cardona will travel to New York City to meet with borrowers benefitting from the Administration’s student debt relief actions.

President Biden from Day One has worked to fix the student loan system and make sure higher education is a ticket to the middle class – not a barrier to opportunity – because he knows that debt cancellation not only benefits borrowers, it benefits the entire economy.  

To date, the Biden-Harris Administration has approved $146 billion in student debt relief for 4 million Americans through more than two dozen executive actions. That includes fixing Public Service Loan Forgiveness and Income-Driven Repayment plans, so borrowers finally get the relief they are entitled to under the law. It also includes launching the most affordable student loan repayment plan ever – the SAVE plan – which cuts undergraduate loan payments in half, ensures borrowers never see their balance grow from unpaid interest, helps drop millions of borrowers’ monthly payments down to $0, and cancels debt for low-balance borrowers faster. Nearly 8 million borrowers have enrolled in the SAVE plan, 4.5 million borrowers have a monthly payment of $0 under the plan, and an additional 1 million borrowers have a monthly payment of less than $100.  The Biden-Administration has also secured the largest increase to Pell Grants in a decade and has taken significant steps to hold colleges accountable for leaving borrowers with mountains of debt and without good job prospects.

Last June, in the wake of the Supreme Court’s decision blocking the Biden-Harris Administration’s original student debt relief plan, President Biden vowed to keep fighting to deliver student debt relief to borrowers held back by the burden of student loan debt. Immediately following that, the Department of Education began pursuing an alternative path to debt relief through negotiated rulemaking under the Higher Education Act.

Today’s announcement lays out the plans the Biden-Harris Administration is pursuing through that effort. In total, these plans would fully eliminate accrued interest for 23 million borrowers, would cancel the full amount of student debt for over 4 million borrowers, and provide more than 10 million borrowers with at least $5,000 in debt relief or more.

Canceling runaway interest for millions of borrowers

More than 25 million borrowers owe more than they originally borrowed, including many who have made years of payments, due to the interest rates on Federal student loans. President Biden will announce plans that, if finalized as proposed, would cancel up to $20,000 of the amount a borrower’s balance has grown due to unpaid interest on their loans after entering repayment, regardless of their income. Low and middle-income borrowers enrolled in the SAVE plan or any other income-driven repayment (IDR) plan would be eligible for the entire amount their balance has grown since entering repayment to be canceled under the Administration’s plans. This group of borrowers includes single borrowers who earn $120,000 or less and married borrowers who earn $240,000 or less. No application will be needed for borrowers to receive this relief if the plan is implemented as proposed.

Millions of the borrowers who could be helped by these plans have continued to see their balances grow because of accrued interest, despite making their monthly payments.  Many have also had this unpaid interest capitalized, meaning it is added to their principal balance and borrowers are now paying interest on that higher amount. The Administration’s plan would forgive interest balances built up to date for 25 million borrowers, with 23 million likely to have all of their balance growth forgiven.   

This plan builds off the actions the Biden-Harris Administration has already taken to prevent the negative effects of excessive interest accrual on student loans going forward by eliminating all interest capitalization not required by law. The SAVE Plan does not charge unpaid interest for borrowers who make their monthly payments, and has canceled interest for at least 4.5 million borrowers to date.

Automatically canceling debt for borrowers eligible for loan forgiveness under SAVE, PSLF, closed school discharge, or other forgiveness programs but not enrolled

Too many borrowers eligible for relief – including immediate cancellation –have not been able to overcome paperwork requirements, bad advice, or other obstacles. Since its first days in office, the Biden-Harris Administration has worked to get borrowers the relief to which they are entitled.

Today, the Administration is proposing to automatically cancel debt for borrowers otherwise eligible for relief through the SAVE plan, Public Service Loan Forgiveness, or other forgiveness opportunities like closed school loan discharges but who have not successfully applied for that assistance.

Under SAVE, borrowers who originally took out $12,000 or less in loans and have been in repayment for 10 years are eligible to get their remaining debt canceled. For every additional $1,000 in loans they took out (up to $21,000 total for undergraduate loans and $26,000 total for graduate loans), a borrower is eligible for relief after an additional year of repayment. For example, if a borrower took out $13,000 in loans, they would be eligible for debt cancellation after 11 years in repayment.

Under Public Service Loan Forgiveness, borrowers in public service for 10 years who have made 120 months of qualifying payments can get their remaining student debt canceled.

The Administration’s plans would allow the Department of Education to use data it has on hand to identify borrowers otherwise eligible for this type of relief without requiring them to apply for these programs. The Administration expects this action would cancel debt for around 2 million borrowers across the country.  

Canceling student debt for borrowers who entered repayment over 20 years ago

More than 2.5 million borrowers have had their share of student loans for two decades or longer and still carry debt from long-ago loans. The Biden-Harris Administration has already cancelled $45.6 billion in student debt so far for nearly 1 million borrowers who have been in repayment for at least 20 years, but never got the relief they were entitled to because of administrative problems with income-driven repayment plans. The Administration’s new proposals, if finalized as proposed, would cancel student debt for borrowers who first entered repayment 20 or more years ago. Borrowers with only undergraduate debt would qualify for forgiveness if they first entered repayment 20 years ago (on or before July 1, 2005), and borrowers with any graduate school debt would qualify if they first entered repayment 25 or more years ago (on or before July 1, 2000). Both Direct Loans and Direct Consolidation Loans that repay only undergraduate study or graduate study for 20 or 25 years respectively are eligible for relief in this proposal.  Borrowers would not need to be on an income-driven repayment plan to qualify.

Canceling student debt for borrowers who enrolled in low-financial-value programs

One of the Biden-Harris Administration’s top priorities when it comes to higher education is holding colleges accountable when they leave students with mountains of debt and without good job prospects. To this end, the Department has taken significant steps to crack down on colleges that provide low-value programs to borrowers, when they cheat students and families, and when they close unexpectedly – leaving borrowers and taxpayers to foot the bill.

Today, President Biden is announcing his Administration’s plans that, if finalized as proposed, would cancel student debt for loans associated with institutions or programs that lost their eligibility to participate in the Federal student aid program or were denied recertification because they cheated or took advantage of students. Further, borrowers who attended institutions or programs that closed and failed to provide sufficient value— for example that leave graduates with unaffordable loan payments or earnings no better than what someone with a high school diploma earns— would be eligible for relief under this proposal.

Canceling student debt for borrowers experiencing hardship paying back their loans

President Biden and his Administration recognize that the current student loan system and repayment programs don’t reach all borrowers, and for many Americans student loans continue to be a barrier for them participating in the economy, accessing economic mobility, or pursuing their dreams. The Administration’s plan for student debt relief will also include a plan that would cancel student debt for borrowers experiencing hardship in their daily lives that prevents them from fully paying back their loans now or in the future.

This plan could provide relief to millions of borrowers who experience hardship—such as borrowers who are at high risk of defaulting on their student loans, who could be eligible for automatic relief, or families who are burdened with other expenses like medical debt or child care who can apply for relief in the future.

Providing relief to millions of borrowers this year

The Biden-Harris Administration plans to release proposed rules on these plans over the coming months. If these plans are finalized as proposed, this fall the Administration would begin canceling up to $20,000 in interest for millions of borrowers and full loan forgiveness for millions more.    

Building off unparalleled record canceling student debt under President Biden

Today’s announcements follow historic actions the President and his Administration have already taken to approve student debt cancellation for nearly 4 million Americans and make student loan payments easier for millions more through the SAVE plan. These actions have benefited borrowers from all 50 states and U.S. territories, borrowers from different walks of life, and borrowers of all ages. To date:

• The Administration has canceled over $62.5 billion in student debt for 871,000 public service workers, including teachers, firefighters, nurses, and more. Prior to the Biden Administration, only 7,000 people in total had received debt forgiveness through Public Service Loan Forgiveness in the over 15 years since the program was put in place. The Biden Administration implemented fixes to make sure public service workers received the relief they are entitled to under the law, helping nearly 900,000 public service workers receive relief to date.
• The Administration has approved $45.6 billion in debt cancellation for nearly 1 million borrowers through fixes to income-driven repayment. For too long, as a result of administrative failures and loan servicer errors, borrowers never got credit for being in repayment. The Biden-Harris Administration fixed that, and has approved debt cancellation for over 930,000 borrowers who have been in repayment for over 20 years.
• The Administration has approved $22.5 billion in debt cancellation for borrowers cheated by their schools, who saw their schools abruptly close, or who were covered by related court settlements. The Administration has approved borrower defense and closed school discharges to provide debt cancellation for students that attended and were cheated by for-profit institutions like Corinthian Colleges and ITT Technical Institute. Less than $600 million in debt relief had been approved through borrower defense, closed school discharges, and related court settlements from all prior administrations combined, compared to the $22.5 billion approved under the Biden-Harris Administration alone.
• The Administration has approved $14 billion in debt cancellation for over 548,000 borrowers with a total and permanent disability. Through automatic matches with the Social Security Administration and other actions, the Biden-Harris Administration has approved debt cancellation for over half a million borrowers with total and permanent disabilities.
• The Administration launched the SAVE plan – helping borrowers of all ages and walks of life manage their monthly payments, not charging interest for millions of borrowers, and setting $0 payments for 4.5 million borrowers every month. To date, nearly 8 million borrowers have enrolled in SAVE, and 4.5 million of them have a monthly payment of $0, meaning they are also not accumulating interest that would otherwise be due. An additional million borrowers have a monthly payment of less than $100. Already the Administration has canceled debt for 153,000 borrowers enrolled in SAVE who took out low balances and have been in repayment for at least 10 years. And in July, the SAVE plan will cap monthly payments for undergraduate loans at 5% of income compared to the 10% threshold now – which will save many young borrowers money on their monthly payments. The Administration continues to encourage borrowers to sign up for the SAVE plan at studentaid.gov/SAVE to save money on their monthly payments and reach loan forgiveness faster.
• The Administration secured the largest increase to Pell Grants in a decade, and has expanded eligibility for the maximum Pell Grant to 1.7 million more Americans. The President has taken historic steps to bring college in reach for more Americans, including low-income Americans. The President secured the largest increase to Pell Grants in a decade, expanded eligibility to Pell to 665,000 new students, and expanded eligibility for the maximum Pell Grant to 1.7 million more students. The President has also proposed making community college free so more Americans can access the promise of higher education.

President Biden will not stop fighting to cancel more student debt for as many Americans as possible, and today’s announcements are a key step forward in that effort.

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• Headquarters | Water (OW)

Biden-Harris Administration Finalizes First-Ever National Drinking Water Standard to Protect 100M People from PFAS Pollution

As part of the Administration’s commitment to combating PFAS pollution, EPA announces $1B investment through President Biden’s Investing in America agenda to address PFAS in drinking water

April 10, 2024

WASHINGTON - Today, April 10, the Biden-Harris Administration issued the first-ever national, legally enforceable drinking water standard to protect communities from exposure to harmful per-and polyfluoroalkyl substances (PFAS), also known as ‘forever chemicals.’ Exposure to PFAS has been linked to deadly cancers, impacts to the liver and heart, and immune and developmental damage to infants and children. This final rule represents the most significant step to protect public health under EPA’s PFAS Strategic Roadmap . The final rule will reduce PFAS exposure for approximately 100 million people, prevent thousands of deaths, and reduce tens of thousands of serious illnesses. Today’s announcement complements President Biden’s government-wide action plan to combat PFAS pollution.                                                                         

Through President Biden’s Investing in America agenda, EPA is also making unprecedented funding available to help ensure that all people have clean and safe water. In addition to today’s final rule, EPA is announcing nearly $1 billion in newly available funding through the Bipartisan Infrastructure Law to help states and territories implement PFAS testing and treatment at public water systems and to help owners of private wells address PFAS contamination. This is part of a $9 billion investment through the Bipartisan Infrastructure Law to help communities with drinking water impacted by PFAS and other emerging contaminants – the largest-ever investment in tackling PFAS pollution. An additional $12 billion is available through the Bipartisan Infrastructure Law for general drinking water improvements, including addressing emerging contaminants like PFAS.

EPA Administrator Michael Regan will join White House Council on Environmental Quality Chair Brenda Mallory to announce the final standard today at an event in Fayetteville, North Carolina. In 2017, area residents learned that the Cape Fear River, the drinking water source for 1 million people in the region, had been heavily contaminated with PFAS pollution from a nearby manufacturing facility. Today’s announcements will help protect communities like Fayetteville from further devastating impacts of PFAS.

“Drinking water contaminated with PFAS has plagued communities across this country for too long,” said EPA Administrator Michael S. Regan . “That is why President Biden has made tackling PFAS a top priority, investing historic resources to address these harmful chemicals and protect communities nationwide. Our PFAS Strategic Roadmap marshals the full breadth of EPA’s authority and resources to protect people from these harmful forever chemicals. Today, I am proud to finalize this critical piece of our Roadmap, and in doing so, save thousands of lives and help ensure our children grow up healthier.”  

“President Biden believes that everyone deserves access to clean, safe drinking water, and he is delivering on that promise,” said Brenda Mallory, Chair of the White House Council on Environmental Quality . “The first national drinking water standards for PFAS marks a significant step towards delivering on the Biden-Harris Administration’s commitment to advancing environmental justice, protecting communities, and securing clean water for people across the country.”

“Under President Biden’s leadership, we are taking a whole-of-government approach to tackle PFAS pollution and ensure that all Americans have access to clean, safe drinking water. Today’s announcement by EPA complements these efforts and will help keep our communities safe from these toxic ‘forever chemicals,’” said Deputy Assistant to the President for the Cancer Moonshot, Dr. Danielle Carnival . “Coupled with the additional $1 billion investment from President Biden’s Investing in America agenda to help communities address PFAS pollution, the reductions in exposure to toxic substances delivered by EPA’s standards will further the Biden Cancer Moonshot goal of reducing the cancer death rate by at least half by 2047 and preventing more than four million cancer deaths — and stopping cancer before it starts by protecting communities from known risks associated with exposure to PFAS and other contaminants, including kidney and testicular cancers, and more.”

EPA is taking a signature step to protect public health by establishing legally enforceable levels for several PFAS known to occur individually and as mixtures in drinking water. This rule sets limits for five individual PFAS: PFOA, PFOS, PFNA, PFHxS, and HFPO-DA (also known as “GenX Chemicals”). The rule also sets a limit for mixtures of any two or more of four PFAS: PFNA, PFHxS, PFBS, and “GenX chemicals.” By reducing exposure to PFAS, this final rule will prevent thousands of premature deaths, tens of thousands of serious illnesses, including certain cancers and liver and heart impacts in adults, and immune and developmental impacts to infants and children.

This final rule advances President Biden’s commitment to ending cancer as we know it as part of the Biden Cancer Moonshot, to ensuring that all Americans have access to clean, safe, drinking water, and to furthering the Biden-Harris Administration’s commitment to environmental justice by protecting communities that are most exposed to toxic chemicals.

EPA estimates that between about 6% and 10% of the 66,000 public drinking water systems subject to this rule may have to take action to reduce PFAS to meet these new standards. All public water systems have three years to complete their initial monitoring for these chemicals. They must inform the public of the level of PFAS measured in their drinking water. Where PFAS is found at levels that exceed these standards, systems must implement solutions to reduce PFAS in their drinking water within five years.

The new limits in this rule are achievable using a range of available technologies and approaches including granular activated carbon, reverse osmosis, and ion exchange systems. For example, the Cape Fear Public Utility Authority, serving Wilmington, NC – one of the communities most heavily impacted by PFAS contamination – has effectively deployed a granular activated carbon system to remove PFAS regulated by this rule. Drinking water systems will have flexibility to determine the best solution for their community.

EPA will be working closely with state co-regulators in supporting water systems and local officials to implement this rule. In the coming weeks, EPA will host a series of webinars to provide information to the public, communities, and water utilities about the final PFAS drinking water regulation. To learn more about the webinars, please visit EPA’s PFAS drinking water regulation webpage . EPA has also published a toolkit of communications resources to help drinking water systems and community leaders educate the public about PFAS, where they come from, their health risks, how to reduce exposure, and about this rule.

“We are thankful that Administrator Regan and the Biden Administration are taking this action to protect drinking water in North Carolina and across the country,” said North Carolina Governor Roy Cooper . “We asked for this because we know science-based standards for PFAS and other compounds are desperately needed.”

“For decades, the American people have been exposed to the family of incredibly toxic ‘forever chemicals’ known as PFAS with no protection from their government. Those chemicals now contaminate virtually all Americans from birth. That’s because for generations, PFAS chemicals slid off of every federal environmental law like a fried egg off a Teflon pan — until Joe Biden came along,” said Environmental Working Group President and Co-Founder Ken Cook . “We commend EPA Administrator Michael Regan for his tireless leadership to make this decision a reality, and CEQ Chair Brenda Mallory for making sure PFAS is tackled with the ‘whole of government’ approach President Biden promised. There is much work yet to be done to end PFAS pollution. The fact that the EPA has adopted the very strong policy announced today should give everyone confidence that the Biden administration will stay the course and keep the president’s promises, until the American people are protected, at long last, from the scourge of PFAS pollution.”

“We learned about GenX and other PFAS in our tap water six years ago. I raised my children on this water and watched loved ones suffer from rare or recurrent cancers. No one should ever worry if their tap water will make them sick or give them cancer. I’m grateful the Biden EPA heard our pleas and kept its promise to the American people. We will keep fighting until all exposures to PFAS end and the chemical companies responsible for business-related human rights abuses are held fully accountable,” said Emily Donovan, co-founder of Clean Cape Fear.

More details about funding to address PFAS in Drinking Water

Through the Bipartisan Infrastructure Law, EPA is making an unprecedented $21 billion available to strengthen our nation’s drinking water systems, including by addressing PFAS contamination. Of that, $9 billion is specifically for tackling PFAS and emerging contaminants. The financing programs delivering this funding are part of President Biden’s Justice40 Initiative , which set the goal that 40% of the overall benefits of certain federal investments flow to disadvantaged communities that have been historically marginalized by underinvestment and overburdened by pollution.

Additionally, EPA has a nationwide Water Technical Assistance program to help small, rural, and disadvantaged communities access federal resources by working directly with water systems to identify challenges like PFAS; develop plans; build technical, managerial, and financial capacity; and apply for water infrastructure funding. Learn more about EPA’s Water Technical Assistance programs .

More details about the final PFAS drinking water standards:

• For PFOA and PFOS, EPA is setting a Maximum Contaminant Level Goal, a non-enforceable health-based goal, at zero. This reflects the latest science showing that there is no level of exposure to these contaminants without risk of health impacts, including certain cancers.
• EPA is setting enforceable Maximum Contaminant Levels at 4.0 parts per trillion for PFOA and PFOS, individually. This standard will reduce exposure from these PFAS in our drinking water to the lowest levels that are feasible for effective implementation.
• For PFNA, PFHxS, and “GenX Chemicals,” EPA is setting the MCLGs and MCLs at 10 parts per trillion.
• Because PFAS can often be found together in mixtures, and research shows these mixtures may have combined health impacts, EPA is also setting a limit for any mixture of two or more of the following PFAS: PFNA, PFHxS, PFBS, and “GenX Chemicals.”

EPA is issuing this rule after reviewing extensive research and science on how PFAS affects public health, while engaging with the water sector and with state regulators to ensure effective implementation. EPA also considered 120,000 comments on the proposed rule from a wide variety of stakeholders.

Background:

PFAS, also known as ‘forever chemicals,’ are prevalent in the environment. PFAS are a category of chemicals used since the 1940s to repel oil and water and resist heat, which makes them useful in everyday products such as nonstick cookware, stain resistant clothing, and firefighting foam. The science is clear that exposure to certain PFAS over a long period of time can cause cancer and other illnesses.  In addition, PFAS exposure during critical life stages such as pregnancy or early childhood can also result in adverse health impacts.

Across the country, PFAS contamination is impacting millions of people’s health and wellbeing. People can be exposed to PFAS through drinking water or food contaminated with PFAS, by coming into contact with products that contain PFAS, or through workplace exposures in certain industries.

Since EPA Administrator Michael S. Regan announced the PFAS Strategic Roadmap in October 2021, EPA has taken action – within the Biden-Harris Administration’s whole-of-government approach – by advancing science and following the law to safeguard public health, protect the environment, and hold polluters accountable. The actions described in the PFAS Strategic Roadmap each represent important and meaningful steps to protect communities from PFAS contamination. Cumulatively, these actions will build upon one another and lead to more enduring and protective solutions. In December 2023, the EPA released its second annual report on PFAS progress . The report highlights significant accomplishments achieved under the EPA’s PFAS Strategic Roadmap.

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FAC Number: 2024-03 Effective Date: 02/23/2024

32.805 Procedure.

(a) Assignments.

(1) Assignments by corporations shall be-

(i) Executed by an authorized representative;

(ii) Attested by the secretary or the assistant secretary of the corporation; and

(iii) Impressed with the corporate seal or accompanied by a true copy of the resolution of the corporation’s board of directors authorizing the signing representative to execute the assignment.

(2) Assignments by a partnership may be signed by one partner, if the assignment is accompanied by adequate evidence that the signer is a general partner of the partnership and is authorized to execute assignments on behalf of the partner-ship.

(3) Assignments by an individual shall be signed by that individual and the signature acknowledged before a notary public or other person authorized to administer oaths.

(b) Filing. The assignee shall forward to each party specified in 32.802 (e) an original and three copies of the notice of assignment, together with one true copy of the instrument of assignment. The true copy shall be a certified duplicate or photostat copy of the original assignment.

(c) Format for notice of assignment. The following is a suggested format for use by an assignee in providing the notice of assignment required by 32.802 (e).

Notice of Assignment

To: ___________ [ Address to one of the parties specified in 32.802 (e) ].

This has reference to Contract No. __________ dated ______, entered into between ______ [ Contractor’s name and address ] and ______ [ Government agency, name of office, and address ], for ________ [ Describe nature of the contract ].

Moneys due or to become due under the contract described above have been assigned to the undersigned under the provisions of the Assignment of Claims Act of1940, as amended, ( 31 U.S.C.3727 , 41 U.S.C.6305 ).

A true copy of the instrument of assignment executed by the Contractor on ___________ [ Date ], is attached to the original notice.

Payments due or to become due under this contract should be made to the undersigned assignee.

Please return to the undersigned the three enclosed copies of this notice with appropriate notations showing the date and hour of receipt, and signed by the person acknowledging receipt on behalf of the addressee.

Very truly yours,

__________________________________________________ [ Name of Assignee ]

By _______________________________________________ [ Signature of Signing Officer ]

__________________________________________________ [ Titleof Signing Officer ]

__________________________________________________ [ Address of Assignee ]

Acknowledgement

Receipt is acknowledged of the above notice and of a copy of the instrument of assignment. They were received ____(a.m.) (p.m.) on ______, 20___.

__________________________________________________ [ Signature ]

__________________________________________________ [ Title ]

__________________________________________________ On behalf of

__________________________________________________ [ Name of Addressee of this Notice ]

(d) Examination by the Government. In examining and processing notices of assignment and before acknowledging their receipt, contracting officers should assure that the following conditions and any additional conditions specified in agency regulations, have been met:

(1) The contract has been properly approved and executed.

(2) The contract is one under which claims may be assigned.

(3) The assignment covers only money due or to become due under the contract.

(4) The assignee is registered separately in the System for Award Management unless one of the exceptions in 4.1102 applies.

(e) Release of assignment.

(1) A release of an assignment is required whenever-

(i) There has been a further assignment or reassignment under the Act; or

(ii) The contractor wishes to reestablish its right to receive further payments after the contractor’s obligations to the assignee have been satisfied and a balance remains due under the contract.

(2) The assignee, under a further assignment or reassignment, in order to establish a right to receive payment from the Government, must file with the addressees listed in 32.802 (e) a-

(i) Written notice of release of the contractor by the assigning financing institution;

(ii) Copy of the release instrument;

(iii) Written notice of the further assignment or reassignment; and

(iv) Copy of the further assignment or reassignment instrument.

(3) If the assignee releases the contractor from an assignment of claims under a contract, the contractor, in order to establish a right to receive payment of the balance due under the contract, must file a written notice of release together with a true copy of the release of assignment instrument with the addressees noted in 32.802 (e).

(4) The addressee of a notice of release of assignment or the official acting on behalf of that addressee shall acknowledge receipt of the notice.

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