26 USC 7001 – Collection of foreign items
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(a) License
All persons undertaking as a matter of business or for profit the collection of foreign payments of interest or dividends by means of coupons, checks, or bills of exchange shall obtain a license from the Secretary and shall be subject to such regulations enabling the Government to obtain the information required under subtitle A (relating to income taxes) as the Secretary shall prescribe.
(b) Penalty for failure to obtain license
For penalty for failure to obtain the license provided for in this section, see section 7231.
Terms Used In 26 USC 7001
- foreign: when applied to a corporation or partnership means a corporation or partnership which is not domestic. See 26 USC 7701
- Secretary: means the Secretary of the Treasury or his delegate. See 26 USC 7701