Title 26, Internal Revenue CodeRelease 119-110
§7001 Collection of Foreign Items
Title 26 › Subtitle F — Procedure and Administration › CHAPTER 72 — LICENSING AND REGISTRATION › Subchapter A — Licensing › § 7001
Summary
People or companies that, as a business, collect foreign interest or dividend payments by coupons, checks, or bills of exchange must get a license from the Secretary. They must follow rules the Secretary makes so the government can get the information needed for income taxes under subtitle A; penalties for not getting the license are in section 7231.
Full Legal Text
Title 26, §7001
Internal Revenue Code, Source: USLM XML via OLRC
(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.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Amendments
1976—Subsec. (a). Pub. L. 94–455 struck out “or his delegate” after “Secretary” wherever appearing.
Reference
Citations & Metadata
Citation
26 U.S.C. § 7001
Title 26, Internal Revenue Code
Last Updated
Sep 22, 2026
Release point: 119-110