Collection of payments

Each head of an executive agency (other than an agency subject to section 9 of the Act of May 18, 1933 ( 48 Stat. 63 , chapter 32; 16 U.S.C. 831h )) shall, under such regulations as the Secretary of the Treasury shall prescribe, provide for the timely deposit of money by officials and agents of such agency in accordance with section 3302, and for the collection and timely deposit of sums owed to such agency by the use of such procedures as withdrawals and deposits by electronic transfer of funds, automatic withdrawals from accounts at financial institutions, and a system under which financial institutions receive and deposit, on behalf of the executive agency, payments transmitted to post office lockboxes. The Secretary is authorized to collect from any agency not complying with the requirements imposed pursuant to the preceding sentence a charge in an amount the Secretary determines to be the cost to the general fund caused by such noncompliance.

(Added Pub. L. 98–369, div. B, title VI, § 2652(a)(1) , July 18, 1984 , 98 Stat. 1152 .)