S. 420 (107th): Bankruptcy Reform Act of 2001

Introduced:
Mar 01, 2001 (107th Congress, 2001–2002)
Status:
Died (Passed Senate)
See Instead:

H.R. 333 (same title)
Passed Senate with Changes — Jul 17, 2001

Sponsor
Charles “Chuck” Grassley
Senator from Iowa
Party
Republican
Text
Read Text »
Last Updated
Mar 15, 2001
Length
468 pages
Related Bills
S. 3186 (106th) was a previous version of this bill.

Referred to Committee
Last Action: Oct 11, 2000

H.R. 333 (identical)

Passed Senate with Changes
Last Action: Jul 17, 2001

 
Status

This bill was introduced in a previous session of Congress and was passed by the Senate on March 15, 2001 but was never passed by the House.

Progress
Reported by Committee Feb 28, 2001
Introduced Mar 01, 2001
Passed Senate Mar 15, 2001
 
Full Title

An original bill to amend title 11, United States Code, and for other purposes.

Summary

No summaries available.

Votes
Mar 07, 2001 6:55 p.m.
Amendment Rejected 34/65
Mar 07, 2001 7:23 p.m.
Motion to Table Agreed to 58/41
Mar 08, 2001 11:52 a.m.
Motion to Table Agreed to 50/49
Mar 08, 2001 3:32 p.m.
Motion to Table Agreed to 55/41
Mar 13, 2001 11:03 a.m.
Motion to Table Agreed to 55/42
Mar 13, 2001 11:32 a.m.
Motion to Table Agreed to 61/37
Mar 13, 2001 2:48 p.m.
Motion Rejected 53/47
Mar 13, 2001 3:15 p.m.
Motion Rejected 52/48
Mar 13, 2001 5:28 p.m.
Motion to Table Failed 44/55
Mar 13, 2001 5:55 p.m.
Motion to Table Agreed to 58/41
Mar 14, 2001 10:58 a.m.
Motion to Table Agreed to 67/30
Mar 14, 2001 3:34 p.m.
Motion to Table Agreed to 64/35
Mar 14, 2001 4:04 p.m.
Motion to Table Agreed to 58/41
Mar 14, 2001 4:32 p.m.
Cloture Motion Agreed to 80/19
Mar 15, 2001 2:41 a.m.
Amendment Agreed to 56/43
Mar 15, 2001 11:42 a.m.
Motion to Table Failed 39/60
Mar 15, 2001 12:17 p.m.
Amendment Agreed to 99/0
Mar 15, 2001 3:34 p.m.
Amendment Rejected 36/63
Mar 15, 2001 3:37 p.m.
Amendment Rejected 22/77
Mar 15, 2001 5:38 p.m.
Amendment Agreed to 79/18
Mar 15, 2001 6:07 p.m.
Bill Passed 83/15
Mar 29, 2001 7:57 p.m.
Amendment Agreed to 82/17

Cosponsors
7 cosponsors (5D, 2R) (show)
Committees

Senate Judiciary

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


3/15/2001--Passed Senate amended.
Bankruptcy Reform Act of 2001 -
Title I - Needs-Based Bankruptcy
Amends Federal bankruptcy law to revamp guidelines governing dismissal or conversion of a Chapter 7 liquidation petition (complete relief in bankruptcy) to one under Chapter 11 (Reorganization) or Chapter 13 (Adjustment of Debts of an Individual with Regular Income). Allows a bankruptcy panel trustee and any party in interest to move for such dismissal or conversion (current law prohibits a party in interest from such motions).
Lowers the "substantial abuse" standard for dismissal or conversion to one of simple abuse.
Replaces the presumption in favor of granting the relief sought by the debtor with a presumption that abuse exists if the debtor's current monthly income exceeds an amount determined according to specified formulae.
Section 102 -
Includes within the calculation of debtor's monthly expenses:
(1) those expenses incurred to maintain the safety of the debtor and the debtor's family from family violence as identified under the Family Violence Prevention and Services Act or other applicable Federal law;
(2) continuation of actual expenses paid by the debtor for the care and support of an elderly, chronically ill, or disabled household or non-dependent immediate family member; and
(3) an additional allowance for housing and utilities based upon documented actual expenses for home energy costs.Provides that the presumption of abuse may only be rebutted with detailed documentation of special circumstances requiring additional expenses or adjustment of currently monthly total income for which there is no reasonable alternative.Requires the debtor's counsel to reimburse the bankruptcy trustee for legal fees in prosecuting a dismissal or conversion motion if the court finds that counsel's filing under Chapter 7 was in violation of certain bankruptcy rules.Requires the court, upon motion by the victim of a crime of violence or a drug trafficking crime (or at the request of a party in interest), to dismiss a voluntary case filed by an individual debtor convicted of that crime (unless the debtor establishes that filing of the case is necessary to satisfy a claim for a domestic support obligation).Redefines "disposable income" of a chapter 13 debtor to exclude a domestic support obligation that first becomes payable after the date the petition is filed.Cites circumstances under which a chapter 13 wage earner's plan may be modified after confirmation to include a special allowance for health insurance coverage.
Section 103 -
Expresses the sense of Congress that the Secretary of the Treasury has the authority to alter Internal Revenue Service (IRS) standards established to set guidelines for repayment plans as needed to accommodate their use under the Bankruptcy Code.Instructs the Director of the Executive Office for U.S. Trustees to report to certain congressional committees regarding the utilization of Internal Revenue standards for determining specified monthly expenses of a debtor and the impact of such standards upon debtors and the bankruptcy courts.
Section 104 -
Revises procedural guidelines to mandate a written notice to the individual consumer debtor before commencement of a case stating: (1) the types of services available from credit counseling agencies; (2) the criminal penalties for fraudulent concealment of assets; and (3) that all creditor-supplied information is subject to examination by the Attorney General.
Section 105 -
Instructs the Director of the Executive Office for U.S. Trustees to: (1) develop a financial management training curriculum and materials to educate individual debtors on how to better manage their finances; and (2) test, evaluate, and report to Congress on the curriculum's effectiveness.
Section 106 -
Precludes an individual debtor from filing under Federal bankruptcy law unless the individual has received a briefing from an approved nonprofit budget and credit counseling service prior to filing a bankruptcy petition, unless the U.S. trustee or bankruptcy administrator determines that the service for the district in which the debtor lives is not reasonably able to provide adequate services to the additional individuals who would otherwise seek credit counseling because of such requirement.Conditions a Chapter 7 or Chapter 13 discharge in bankruptcy upon the debtor's completion of an approved instructional course concerning personal financial management.Requires the clerk of each district to maintain a public list of credit counseling agencies and instructional courses concerning personal financial management.
Prescribes criteria for approval of such agencies and courses.Prohibits such counseling service from informing a credit reporting agency whether an individual debtor has received or sought personal financial management instruction.
Establishes civil penalties for noncompliance.
Title II - Enhanced Consumer Protection
Subtitle A - Penalties for Abusive Creditor Practices
Cites circumstances under which the court may reduce by up to 20 percent a claim based in whole upon unsecured consumer debts if the debtor can show by clear and convincing evidence that the claim was filed by a creditor who unreasonably refused to negotiate a reasonable alternative repayment schedule proposed by an approved credit counseling agency acting on the debtor's behalf.
Section 202 -
Makes a creditor's willful failure to credit payments received from a debtor (with a specified exception), if such failure caused material injury to the debtor, a violation of a discharge operating as an injunction.
Section 203 -
Modifies debt reaffirmation guidelines governing wholly unsecured consumer debts to mandate specified detailed disclosures and explanations to the debtor for dischargeable debt agreements.
Exempts a credit union creditor from such detailed disclosures and explanations.Amends Federal criminal law to instruct the Attorney General to designate U.S. attorneys and agents of the Federal Bureau of Investigation to implement enforcement activities in addressing:
(1) abusive reaffirmations of debt; and
(2) materially fraudulent statements in bankruptcy schedules that are intentionally false or misleading.
Directs the bankruptcy court to establish procedures for referring those cases to such U.S. attorneys and agents of the Federal Bureau of Investigation.
Section 204 -
Preserves the consumer claims and defenses that may be made against predatory loans that have been sold by the bankruptcy trustee, and are subject to either the Truth in Lending Act or the Federal Trade Commission Preservation of Claims Trade Regulation.
Section 205 -
Instructs the General Accounting Office to study and report to Congress on the overall treatment of consumers within the context of the debt reaffirmation process, including recommendations for legislation to address abusive or coercive tactics.
Subtitle B - Priority Child Support
Revises priority payment guidelines to place within the first priority claim category certain unsecured claims for domestic support obligations, on the condition that funds received by a governmental unit be applied in a prescribed order.
Section 213 -
Conditions court confirmation of a debt repayment plan under Chapters 11, 12 (Debts of a Family Farmer), and 13 (and the subsequent discharge of debts) upon certification of debtor's full payment of all adjudicated domestic support obligations that are due after the petition filing date.
Section 214 -
Excepts from an automatic stay specified choses-in-action pertaining to domestic support obligations proceedings including:
(1) child custody or visitation;
(2) dissolution of marriage;
(3) domestic violence;
(4) withholding of income that is property of the bankrupt estate for payment of domestic support obligations;
(5) suspension of drivers' licenses and professional licenses;
(6) reporting of overdue support owed by a parent to certain consumer reporting agencies;
(7) interception of specified tax refunds;
(8) establishment of paternity;
(9) establishment or modification of an order for domestic support obligations; and
(10) enforcement of medical obligations under title IV, part D (Child Support and Establishment of Paternity) of the Social Security Act.
Section 215 -
Revamps guidelines governing the nondischargeability of certain debts for alimony, maintenance, and support to repeal the exceptions granted the debtor under specified conditions.
Section 216 -
Modifies guidelines governing property exempt from the bankruptcy estate to declare such property liable for a debt arising from domestic support obligations.
Section 217 -
Prohibits the bankruptcy trustee from avoiding a transfer that is a bona fide payment of a debt for a domestic support obligation.
Section 218 -
Redefines "disposable income" received by certain debtors, with respect to confirmation of a plan under Chapter 12 or 13, to include income not reasonably expected to be expended for a domestic support obligation that first becomes payable after the date on which a petition for debt relief is filed.
Section 219 -
Sets forth the duties of the bankruptcy trustee under chapters 7, 11, 12, and 13 regarding a claim against an individual debtor for the collection of child support, including notifying the claim holder and the appropriate State child support agency of the debtor's last known address.
Section 220 -
Makes dischargeable any debts for certain qualified educational loans which, if not discharged, would impose an undue hardship upon either the debtor or the debtor's dependent.
Subtitle C - Other Consumer Protections
Modifies guidelines governing nonattorney bankruptcy petition preparers to mandate that as a prerequisite to any collection of fees for services: (1) such preparers officially disclose to debtors that they cannot practice law or give legal advice; and (2) such disclosure be signed by the debtor and filed with the requisite court documents. Prescribes enforcement and penalty guidelines for preparer noncompliance.
Section 222 -
Expresses the sense of the Congress that States should develop curricula relating to the subject of personal finance, designed for use in elementary and secondary schools.
Section 223 -
Places in the tenth order of prioritized claims against the bankrupt estate any death or personal injury claims resulting from the unlawful operation of a motor vehicle or vessel because the debtor was drug or alcohol-impaired.
Section 224 -
Permits an individual debtor to exempt from the property of the bankrupt estate certain tax-exempt retirement funds that have not been obligated in connection with any extension of credit.Exempts from either an automatic stay or a discharge in bankruptcy specified income withheld from the debtor pursuant to pension or profit sharing plans sponsored by such debtor's employer to pay certain loans from such plans.
Section 225 -
Sets forth criteria for excluding certain education individual retirement accounts from the property of the bankruptcy estate if the designated beneficiary is the debtor's child or grandchild.
Section 227 -
Sets forth restrictions on and requirements for debt relief agency practices. Provides for civil penalties for intentional violations. Requires a debt relief agency providing bankruptcy assistance to provide prescribed disclosures to an assisted person.
Section 230 -
Instructs the Comptroller General to study and report to Congress on the feasibility, effectiveness, and cost of requiring trustees or the bankruptcy courts to provide the Office of Child Support Enforcement with the names and address of an individual debtor promptly after such debtor commences a case.
Section 231 -
Prohibits a bankruptcy trustee from selling or leasing to unaffiliated third parties, contrary to the debtor's privacy policy, personally identifiable information possessed by the debtor concerning an individual, unless specified conditions have been met.
Section 232 -
Mandates court appointment of a consumer privacy ombudsman if the trustee intends to sell or lease such information in a manner which requires a court hearing on such transfer.
Section 233 -
States that a debtor may be required to provide information regarding a minor child pertaining to the case in bankruptcy, but may not be required to disclose the child's name in the public records of a bankruptcy case. Requires bankruptcy officials to maintain the confidentiality of a minor child's identity cited in a nonpublic record.
Title III - Discouraging Bankruptcy Abuse
Modifies exceptions to a discharge in bankruptcy to prohibit discharge of a filing fee imposed by any court upon a prisoner.
Section 302 -
Terminates the automatic stay 30 days after filing of a petition if a chapter 7, 11, or 13 petition was pending and dismissed the previous year, unless the subsequent filing is in good faith. Delineates conditions under which a history of previous petitions in bankruptcy give rise to a rebuttable presumption that the case is not filed in good faith.
Section 303 -
Directs the court to grant two-year relief from the automatic stay upon request of a party in interest with respect to certain real property actions if the court finds that filing the bankruptcy petition was part of a scheme to delay, hinder, and defraud creditors.
Section 304 -
Modifies debtor's duties to mandate specified affirmative actions to be taken by a chapter 7 debtor, including reaffirmation of the debt, or redemption of the property within 45 days, in order to retain possession of personal property. Allows a creditor to take action with respect to such property under nonbankruptcy law if the debtor fails to act within 45 days, unless the court determines upon trustee motion that such property is of consequential value or benefit to the estate.
Section 305 -
Declares that the automatic stay is terminated regarding property of the debtor's estate securing a claim or subject to an unexpired lease, if the debtor fails to complete an intended surrender of consumer debt collateral, or an intended property redemption or debt reaffirmation in order to retain such collateral, within a revised, accelerated time frame (unless the court determines upon trustee motion that such property is of consequential value or benefit to the estate).
Section 306 -
Requires the bankruptcy court to confirm a Chapter 13 plan if it provides that the holder of a secured allowed claim shall retain the attendant lien until payment or discharge of all debts.Provides that if a Chapter 13 proceeding is dismissed or converted without completion of the plan, the holder shall retain such lien to the extent recognized by applicable nonbankruptcy law.Provides that statutory guidelines to determine the secured status of a creditor's claim do not apply if:
(1) the creditor has a purchase money security interest securing the debt;
(2) the underlying debt was incurred within the three-year period preceding the filing of the bankruptcy petition; and
(3) the collateral for that debt consists of a motor vehicle acquired for the debtor's personal use (or if the collateral consists of any other thing of value if the debt was incurred during the one-year period preceding such filing).
Section 307 -
Increases from 180 to 730 days the length of a debtor's location of domicile for purposes of determining which State law governs the debtor's selection of property exempt from the bankrupt estate. Moderates such time frame if the debtor's domicile has not been located at a single State for such 730-day period.
Section 308 -
Prohibits a debtor from exempting from the estate in bankruptcy any amount of interest acquired during the two years before petition filing that exceeds in the aggregate$125,000 in value in: (1) real or personal property used as a residence; (2) a cooperative that owns property used as a residence by the debtor or debtor's dependent; or (3) a burial plot for the debtor or debtor's dependent.
Section 309 -
Revamps prescriptions governing the effects of conversion from chapter 13 to another chapter.
Declares that:
(1) valuations of property and of allowed secured claims in a chapter 13 case shall not apply in a case converted to chapter 7; and
(2) with respect to cases converted from Chapter 13, the claim of any creditor holding security as of the date of the petition shall continue to be secured by that security unless the full claim amount, as determined under applicable nonbankruptcy law, has been paid in full as of the conversion date.
States that a prebankruptcy default shall have the effect given under applicable nonbankruptcy law unless it has been fully cured pursuant to the plan at the time of conversion.Provides for a Chapter 7 debtor's assumption of unexpired leases of personal property.
Declares that in a Chapter 11 case in which the debtor is an individual, and in a Chapter 13 case, if the lease is not assumed in the plan, it is rejected (thus no longer subject to an automatic stay) as of the conclusion of the hearing on confirmation.Delineates a cash payment plan for chapter 13 debtors for payments to any lessor of personal property and to any creditor holding a claim secured by personal property in order to ensure adequate protection to the claim holder during the payment period.
Requires a debtor-in-possession to provide reasonable evidence of any requisite insurance coverage with respect to the use or ownership of such property.
Section 310 -
Reduces the threshold consumer debt amounts of luxury goods (from $1,075 to $750) and consumer credit (from $1,075 to $750) owed to a single creditor which are presumed nondischargeable in bankruptcy if acquired within 90 days and 70 days, respectively, (currently 60 days for either category) before an order for relief is issued.
Section 311 -
Denies an automatic stay of any eviction, unlawful detainer action, or similar proceeding by a lessor in specified circumstances against a debtor involving residential real property with respect to which:
(1) the debtor tenant has failed to pay rent, and a lawful new tenant is ready to take possession;
(2) the debtor has commenced another bankruptcy case within the year preceding the filing of the petition for relief; or
(3) eviction actions are based upon endangerment to property or person or the use of illegal drugs.
Specifies circumstances in which such an exception to an automatic stay shall not become effective.
Section 312 -
Extends the period between Chapter 7 discharges from six to eight years.
Denies a chapter 13 discharge to any debtor who has received a discharge:
(1) in a chapter 7, 11, or 12 case within the preceding three years; or
(2) in another chapter 13 case within the preceding two years (or shorter time if the court finds extreme hardship).(Sec . 313) Requires the Director of the Executive Office for U.S. Trustees to report to specified congressional committees about utilization of a specified revised definition of household goods with respect to:
(1) the avoidance of nonpossessory, nonpurchase money security interests in household goods; and
(2) the impact that such definition has had on debtors and on the bankruptcy courts.
Section 314 -
Lists among debts that are not dischargeable in bankruptcy a debt incurred to pay a tax to a non-Federal governmental unit.Revamps Chapter 13 debt discharge guidelines. Prohibits discharge from a debt for restitution or damages awarded in a civil action against the debtor for willful or malicious injury that caused personal injury or death of an individual.
Section 315 -
Prescribes notice procedures for Chapter 7 and Chapter 13 creditors.Expands debtor's duties to require filing with the bankruptcy court of:
(1) Federal tax returns;
(2) evidence of employer payments received;
(3) monthly net income projections; and
(4) anticipated income or expenditure increases.
Permits a Chapter 7 or chapter 13 creditor to request the debtor's petition, schedules, and statement of affairs, including the debt adjustment plan filed by the debtor.Requires dismissal of a Chapter 7 or 13 case upon debtor's failure to provide to the bankruptcy trustee not later than seven days before the date first set for the first meeting of creditors a tax return for the latest taxable period prior to filing.Mandates that, at the time of filing with the taxing authority, a Chapter 7 or 13 debtor file with the bankruptcy court specified tax documentation pertaining to the period from case commencement until case termination.Requires a Chapter 13 debtor to file with the court a statement of income and expenditures in the preceding tax year, and monthly net income, showing how calculated.Makes debtor's mandatory documentation available for inspection and copying to certain bankruptcy officers and any party in interest.
Requires debtors to furnish driver's license, passport, or other photograph-containing documentation establishing debtor identification.
Section 316 -
Provides for automatic dismissal if a Chapter 7 or 13 debtor fails within 45 days of filing a petition to furnish all mandatory information, or fails to timely file the requisite schedules. Requires the court to order dismissal within five days of a request by a party in interest for debtor's failure to timely submit requisite documentation.
Section 317 -
Requires a Chapter 13 confirmation hearing to be held not later than 45 days after the first meeting of creditors.
Section 318 -
Sets forth a statutory formula to determine whether a Chapter 13 debt readjustment payment plan shall be of either three-year or five-year duration.
Section 319 -
Expresses the sense of the Congress that rule 9011 of the Federal Rules of Bankruptcy Procedure should include a requirement that all debtors' documents be submitted to the court only after debtors have made reasonable inquiry to verify that all information therein is well grounded in fact, and warranted by existing law or a good faith argument for extension, modification, or reversal of existing law.
Section 320 -
Revises automatic stay guidelines to provide that in the case of an individual filing under Chapters 7, 11, or 13, the automatic stay shall terminate 60 days after a request for its release by a party in interest, unless the court orders or the parties agree to a longer time.
Section 321 -
Revamps guidelines governing a Chapter 11 business reorganization case filed by an individual to: (1) identify the property of the estate in bankruptcy; and (2) revise the contents, confirmation, and modification of a reorganization plan.
Section 322 -
Excludes employee benefit plan participant contributions from the property of the bankruptcy estate.
Section 323 -
Amends the Federal judicial code to:
(1) grant the district court presiding over a title 11 case exclusive jurisdiction over property of the debtor and of the estate, as well as to claims relating to employment or disclosure of bankruptcy professionals; and
(2) increase bankruptcy fees and the amounts deposited as offsetting collections to both the United States Trustee Systems Fund, and to a special fund of the Treasury available to offset funds appropriated for court operation and maintenance.
Section 325 -
Exempts from the prohibition against sharing of compensation or reimbursement with respect to administrative expenses of a debtor's estate any sharing, or agreeing to share, compensation with a bona fide public service attorney referral program that operates in accordance with non-Federal law regulating attorney referral services, and with rules of professional responsibility applicable to attorney acceptance of referrals.
Section 326 -
Declares that the value of personal property securing an allowed claim shall be determined based on its replacement value as of the date of petition filing without deduction for costs of sale or marketing.
Section 327 -
Revises requirements for the assumption by a trustee of a defaulted executory contract or unexpired lease.
Exempts from the requirement that the trustee cure such a default any default that is a breach of a provision relating to the satisfaction of any non-penalty provision relating to a default arising from any failure to perform nonmonetary obligations under an unexpired lease of real property, if it is impossible for the trustee to cure such default by performing nonmonetary acts at and after the time of assumption.
Provides, however, that if such default arises from a failure to operate in accordance with a nonresidential real property lease, then such default shall be cured by performance at and after the time of assumption in accordance with such lease, and pecuniary losses resulting from such default shall be compensated in accordance with specified law.Makes the same exception to requirements a plan must meet to avoid impairing a class of claims or interests.
Requires a plan, to avoid impairment, to compensate a claim holder for any actual pecuniary loss incurred by such holder resulting from a failure to perform a nonmonetary obligation, other than a default arising from failure to operate a non-residential real property lease subject to certain requirements.
Section 328 -
Makes nondischargeable in bankruptcy any debts resulting from violations of laws relating to the provision or acquisition of lawful goods and services.
Section 329 -
Expands permissible administrative expenses to include certain wages and benefits awarded as back pay (resulting from a debtor employer's violation of law), if the court determines that the award will not substantially increase the probability of layoff or termination of current employees or nonpayment of domestic support obligations during the case.
Title IV - General and Small Business Bankruptcy Provisions
Subtitle A - General Business Bankruptcy Provisions
Denies a debtor an automatic stay of the commencement of an investigation or action by a securities self-regulatory organization to enforce compliance with its regulations, or of the enforcement of any order or decision obtained by such an organization, other than for monetary sanctions.
Section 402 -
Authorizes the bankruptcy court, upon request of a party in interest, to order that the U.S. trustee not convene a meeting of creditors or equity security holders if the debtor has filed a plan for which acceptances have been solicited before commencement of the case.
Section 403 -
Increases from ten days to 30 days the length of time for the perfection of a transfer of property with respect to a trustee's authority to avoid such a transfer.
Section 404 -
Amends guidelines for rejection and surrender of executory contracts and unexpired leases.
Section 405 -
Authorizes a Chapter 11 trustee to increase the membership of a committee of creditors and equity security holders to include a creditor that is a small business concern following the court's determination that such creditor holds claims of the kind represented by the committee, the aggregate amount of which is disproportionately large in comparison to the creditor's annual gross revenue.
Requires such committee to provide to certain creditors who are not committee members access to information.
Section 406 -
Prohibits the bankruptcy trustee from avoiding a warehouseman's lien for costs incidental to the storage and handling of certain goods.
Section 407 -
Directs the bankruptcy court to treat the compensation awarded a trustee as a commission.
Section 408 -
States that acceptance or rejection of a chapter 11 plan may be solicited from a holder of a claim or interest if: (1) the solicitation complies with applicable nonbankruptcy law; and (2) it was made before commencement of the case in a manner complying with applicable nonbankruptcy law.
Section 409 -
Prohibits the bankruptcy trustee from avoiding a transfer if, in a case filed by a debtor whose debts are not primarily consumer debts, the aggregate value of all property that constitutes or is affected by such transfer is less than $5,000.
Section 411 -
Limits the extensions of time permitted for filing a Chapter 11 reorganization plan.
Section 412 -
Denies a discharge in bankruptcy for a debt for a fee or assessment arising from a debtor's interest in a lot in a homeowners association for as long as the debtor retains specified interests in such lot.
Section 413 -
Authorizes a creditor holding a consumer debt to participate in a meeting of creditors in a chapter 7 or 13 case, either alone or in conjunction with an attorney.
Section 414 -
Revises the definition of "disinterested person" to remove persons who are not investment bankers (thus allowing investment bankers for any outstanding security of the debtor to be treated as a disinterested person).
Section 418 -
Amends the Federal judicial code to authorize the district court or bankruptcy court to waive the Chapter 7 filing fee and other attendant fees for certain Chapter 7 debtors whom the court has determined to be unable to pay fees in installments.
Section 419 -
Directs the Advisory Committee on Bankruptcy Rules of the Judicial Conference of the United States to propose amended Federal Rules of Bankruptcy Procedure and Official Bankruptcy Forms directing chapter 11 debtors to disclose information relating to the value, operations, and profitability of any closely held corporation, partnership, or other entity in which the debtor holds a substantial or controlling interest.
Section 420 -
Expands the duties of the debtor in bankruptcy to mandate that a debtor who served as administrator of an employee benefit plan continue to perform the obligations incumbent upon such service.
Subtitle B - Small Business Bankruptcy Provisions
Sets forth mandatory factors for court consideration in determining whether the disclosure statement regarding a small business reorganization plan provides adequate information.
Section 432 -
Defines a small business debtor, generally, as a person (including a debtor affiliate) with not more than $3 million in aggregate non-contingent, liquidated secured and unsecured debts as of the date of the petition or the order for relief (excluding debts owed to one or more affiliates or insiders).
Section 433 -
Directs the Advisory Committee on Bankruptcy Rules of the Judicial Conference (Advisory Committee) to propose for adoption standardized disclosure statements and plans of reorganization for small business debtors.
Section 434 -
Sets forth uniform national reporting requirements for small business debtors.
Section 435 -
Directs the Advisory Committee to propose for adoption revisions to the Federal Rules of Bankruptcy Procedure and Official Bankruptcy Forms enabling small business debtors to comply with such uniform national reporting requirements.
Section 436 -
Sets forth duties and administrative procedures in small business reorganization cases, including serial filer provisions and expanded grounds for dismissal or conversion and appointment of a trustee.
Section 443 -
Directs the Small Business Administration to study and report to the Congress on: (1) the factors that cause small businesses to become debtors in bankruptcy; and (2) how Federal bankruptcy laws can be made more efficient in assisting small businesses to retain their viability.
Section 444 -
Revises the circumstance precluding a secured single asset real estate interest creditor's relief from an automatic stay where a debtor has commenced monthly payments to each such creditor to allow the debtor, in the debtor's sole discretion, to make such payments from rents or other income generated before or after the commencement of the case by or from the property.
Requires such payments in an amount equal to the interest on the value of the creditor's interest in the real estate, determined at the then-applicable nondefault contract rate of interest (currently, at the fair market rate).
Section 445 -
Allows as an administrative expense, for the two-year period following either the later of the rejection date or date of actual turnover of the premises, all monetary obligations due from a nonresidential real property lease previously assumed and subsequently rejected under the requirements governing executory contracts and unexpired leases.
Title V - Municipal Bankruptcy Provisions
Makes technical amendments to requirements for a municipal bankruptcy petition.
Title VI - Bankruptcy Data
Amends the Federal judicial code to require the clerk of each district to compile bankruptcy statistics for individual debtors with primarily consumer debts seeking relief under chapters 7, 11, and 13. Directs the Administrative Office of the United States Courts (Administrative Office) to make such statistics public and to report them annually to the Congress.
Section 602 -
Instructs the Attorney General to promulgate requirements for uniform forms for: (1) final reports by trustees in cases under chapters 7, 12, and 13; and (2) periodic reports by chapter 11 debtors or trustees in possession. Prescribes report contents.
Section 603 -
Prescribes guidelines for the Attorney General and the Judicial Conference of the United States (as appropriate) to establish procedures to audit debtors.
Section 604 -
Expresses the sense of the Congress that:
(1) the national policy should be that all public record data held in electronic form by bankruptcy clerks should be released in electronic form in bulk to the public subject to appropriate privacy concerns and safeguards as Congress and the Judicial Conference of the United States may determine; and
(2) a bankruptcy data system should be established in which a single set of data definitions are used to collect data nationwide, and in which all data for any particular bankruptcy case are aggregated in the same electronic record.
Title VII - Bankruptcy Tax Provisions
Amends the bankruptcy code to modify the treatment of certain tax liens.
Section 702 -
Provides that a claim for debtor's liability for fuel tax which is filed by the base jurisdiction designated under the International Fuel Tax Agreement shall be allowed as a single claim.
Section 703 -
Mandates that the clerk of each district maintain a listing under which a governmental entity responsible for the collection of taxes within such district may designate an address for service of requests and describe where further information for filing such requests may be found.
Section 704 -
Prescribes the rate of interest to be paid on mandatory interest payments on tax claims.
Section 705 -
Revises the specifications for income tax claims receiving eighth priority (allowed unsecured claims of governmental units). Provides for tolling of the time periods covering such tax claims for stays of proceedings in a prior bankruptcy case, and the pendency or effect of offers in compromise or installment agreements.
Section 707 -
Prohibits discharge under Chapter 13 of any debt for fraudulent tax payments.
Section 708 -
States that confirmation of a bankruptcy plan does not discharge a corporate debtor from any debt: (1) for money or credit obtained by false representation owed to a domestic governmental unit or to a person as the result of an action filed with respect to certain claims against the Federal or a State government; or (2) for a tax or customs duty with respect to which the debtor made a fraudulent return or willfully attempted to evade or defeat such tax.
Section 709 -
Amends the automatic stay of U.S. Tax Court proceedings concerning the debtor to restrict such stay to: (1) a corporate debtor's tax liability for a taxable period the bankruptcy court may determine; or (2) concerning an individual debtor's tax liability for a taxable period ending before the order for relief.
Section 710 -
Includes among the requirements for court confirmation of a Chapter 11 bankruptcy plan which includes tax claims, that the debtor, at the minimum, make regular cash installment payments over a period ending not later than five years after the date of entry of the order for relief, and in a manner not less favorable than the most favored nonpriority unsecured claim provided for in the plan.
Section 711 -
Prohibits the avoidance of statutory tax liens by certain purchasers.
Section 712 -
Amends the Federal judicial code to require officers and agents conducting any business under court authority to pay all Federal, State and local taxes when due in the course of the business, unless it is a property tax secured by a lien against estate property which is abandoned by the bankruptcy trustee, or payment of the tax is excused under a specific bankruptcy law.
Cites circumstances in which payment of such taxes may be deferred in a case pending under chapter 7 until final distribution is made.Entitles to administrative expense priority payment certain secured and postpetition unsecured taxes incurred by the bankruptcy estate, including ad valorem property taxes.Declares that a governmental unit shall not be required to file a request for the payment of administrative expenses relating to a tax liability or tax penalty.Allows a trustee to recover from property securing a claim for the payment of all ad valorem property taxes relating to such property.
Section 713 -
Requires as a condition for payment of tardily filed priority tax claims that they be filed either before the trustee commences distribution or ten days following the mailing to creditors of the summary of the trustee's final report, whichever is earlier (currently, before the trustee commences distribution of the estate).
Section 714 -
Makes nondischargeable any obligations based on income tax returns or equivalent reports or notices prepared by tax authorities.
Section 715 -
Declares that an estate's liability for unpaid tax is discharged upon payment of such tax according to certain requirements.
Section 716 -
Conditions court confirmation of a chapter 13 bankruptcy plan upon filing by the debtor:
(1) of all prepetition tax returns; and
(2) before the day on which the first meeting of the creditors is convened, of all tax returns for taxable periods ending in the four-year period that ends on the date of the filing of the petition.
Authorizes the court to dismiss a plan or convert it to chapter 7, whichever is in the best interests of the creditors and the estate, if a chapter 13 debtor fails to comply with such time frame.Expresses the sense of the Congress that the Advisory Committee on Bankruptcy Rules of the Judicial Conference should propose for adoption amended Federal Rules of Bankruptcy Procedure pertaining to objections to tax returns and to plan confirmation.
Section 717 -
Redefines "adequate disclosure," for postpetition disclosure and solicitation purposes, to include full discussion of the potential material Federal and State tax consequences of the plan to the debtor and to a hypothetical investor domiciled in the State in which the debtor resides or has its principal place of business typical of the holders of claims or interests in the case.
Section 718 -
Denies an automatic stay (unless specified conditions are met) to the setoff of an income tax refund for a taxable period which ended before the order for relief against an income tax liability for a taxable period which also ended before the order for relief.
Section 719 -
Revises special provisions related to the treatment of State and local taxes, including the creation of a separate taxable estate when such is done for Federal tax purposes.
Section 720 -
Provides that if the debtor fails to timely file a tax return or obtain an extension, a taxing authority may petition the court to convert or dismiss a case, whichever is in the best interests of creditors and the estate.
Title VIII - Ancillary and Other Cross-Border Cases
Expands the scope of bankruptcy law to incorporate the Model Law on Cross-Border Insolvency, and to establish a statutory mechanism for:
(1) dealing with cases of cross-border insolvency; and
(2) cooperation between U.S. courts, trustees, and debtors and their foreign counterparts.
Prescribes guidelines for:
(1) access of foreign representatives and creditors to Federal and State courts;
(2) recognition of a foreign proceeding and relief;
(3) cooperation and direct communication with foreign courts and representatives; and
(4) concurrent proceedings and the coordination of foreign and domestic proceedings.
Title IX - Financial Contract Provisions
Amends the Federal Deposit Insurance Act (FDIA) to redefine specified contracts, agreements, and transfers entered into with an insolvent insured depository institution before the appointment of a conservator or receiver for it.
Section 901 -
Declares that no person shall be stayed or prohibited from exercising any right to cause the acceleration of any qualified financial contract with an insured depository institution which arises upon the appointment of the Federal Deposit Insurance Corporation (FDIC) as receiver at any time after such appointment.
Section 902 -
Declares that no provision of law shall be construed as limiting the right or power of the FDIC, or authorizing any court or agency to limit or delay, in any manner, the FDIC's right or power to transfer, disaffirm, or repudiate any qualified financial contract of a failed institution.Prohibits enforcement of a walkaway clause in a qualified financial contract of a failed insured depository institution (a clause that either does not create a payment obligation of a party, or extinguishes it solely because of such party's status as a nondefaulting party).
Section 903 -
Revises guidelines governing transfers of qualified financial contracts of an insolvent institution to include:
(1) transfers to a foreign bank or foreign financial institution (including its branch or agency) (but only when the contractual rights of the parties to such qualified financial contracts are enforceable substantially to the same extent as permitted under such Act); and
(2) transfers of contracts subject to the rules of a clearing organization.
Defines financial institution to include a broker or dealer, a depository institution, a futures commission merchant, or any other institution as determined by FDIC regulation.Suspends certain termination rights of counterparties to a qualified financial contract with an insolvent insured depository institution until after the receiver's appointment, or after receipt of notice that the contract has been transferred.Declares that none of the following institutions shall be considered a financial institution for which a conservator, receiver, trustee in bankruptcy, or other legal custodian has been appointed or which is otherwise the subject of a bankruptcy or insolvency proceeding:
(1) a bridge bank; or
(2) an FDIC-organized depository institution for which a conservator is appointed either immediately upon organization, or at the time of a purchase and assumption transaction between such institution and the FDIC as receiver for a depository institution in default.
Section 904 -
Prescribes guidelines for: (1) the disaffirmance or repudiation of qualified financial contracts by the conservator or receiver for a failed depository institution; and (2) the treatment of a master agreement as a single agreement and a single qualified financial contract.
Section 906 -
Amends the Federal Deposit Insurance Corporation Improvement Act of 1991 to make conforming amendments with respect to: (1) bilateral netting contracts; (2) security agreements; (3) clearing organization netting contracts; (4) contracts with uninsured national banks; and (5) contracts with uninsured Federal branches or agencies.
Section 907 -
Amends the Federal Bankruptcy Code to reflect the changes made by this Act and to:
(1) deny an automatic stay to set-offs under certain swap agreements and netting agreements; and
(2) restrict the avoidance power of the bankruptcy trustee regarding certain master netting agreement transfers to those transfers that are fraudulent in nature.
Defines financial participants.Sets forth statutory guidelines for:
(1) the termination or acceleration of designated contracts and agreements; and
(2) commodity broker and stockbroker liquidation with respect to the priority of unsecured claims, or customer property or distributions.(907A) Authorizes consultation between the Securities and Exchange Commission and the Commodity Futures Trading Commission with respect to:
(1) whether and how security futures products will be treated as commodity contracts or securities in liquidation cases where a person is both a securities broker and a commodity broker; and
(2) the treatment in such a liquidation of accounts in which both commodity contracts and securities are carried.
Section 908 -
Amends the FDIA to authorize the FDIC to prescribe more detailed recordkeeping requirements for qualified financial contracts (including market valuations) only for an insured depository institution in troubled condition.
Section 909 -
Exempts specified collateralization agreements from the contemporaneous execution requirement that renders invalid certain agreements against FDIC interests in certain asset acquisitions.
Section 910 -
Amends Federal bankruptcy law to specify the date for the measure of damages in connection with: (1) rejection by the bankruptcy trustee of designated contracts and agreements relating to executory contracts and unexpired leases; or (2) the liquidation, acceleration, or termination of such contracts and agreements.
Section 911 -
Amends the Securities Investor Protection Act of 1970 to provide that neither the filing of a protective decree by the Securities Investor Protection Corporation, nor any court protective order, shall operate as a stay of a creditor's contractual rights to liquidate, terminate, or accelerate designated contracts and agreements.
Allows such application, order, or decree, however, to operate as a stay of foreclosure on securities collateral pledged by the debtor, whether or not with respect to one or more of such contracts, agreements, or securities sold by the debtor under a repurchase agreement.
Section 912 -
Declares that property of the bankrupt estate does not include any eligible asset (or its proceeds) to the extent that it was transferred by the debtor before commencement of the case to an eligible entity in connection with an asset-backed securitization (except to the extent that such asset, or its proceeds or value, may be recovered through avoidance by the bankruptcy trustee).
Title X - Protection of Family Farmers and Family Fishermen
Amends the Federal bankruptcy code to reenact Chapter 12, Adjustment of Debts of a Family Farmer with Regular Annual Income, as amended by this Act (thereby reinstating family farmer bankruptcy relief).
Section 1002 -
Provides for triennial adjustments of the debt limit for family farmers.
Section 1003 -
Cites circumstances under which the claim of a governmental unit that arises from the disposition of a farm asset used in the debtor's farming operation shall be treated as an unsecured claim not entitled to priority.
Section 1004 -
Increases from $1.5 million to $3 million the maximum aggregate debts an individual or individual and spouse engaged in a farming operation may have to qualify as family farmers for debt adjustment purposes. Reduces from 80 percent to 50 percent the minimum percentage of aggregate, noncontingent, liquidated debts (with certain exclusions) arising out of such a farming operation.
Section 1005 -
Repeals the requirement that the family farmer and spouse receive over 50 percent of income from farming operations in the year before a bankruptcy petition is filed. Allows such income requirement to be met during at least one of the three taxable years preceding the taxable year in which the bankruptcy petition is filed.
Section 1006 -
Cites circumstances under which the court shall confirm a family farmer bankruptcy plan notwithstanding the objection of the trustee or holder of an allowed unsecured claim.
Prohibits any post-confirmation modification of a bankruptcy plan that would increase the amount of payments that were due before such modification.
Provides that, unless the debtor proposes the modification, a modified plan may not:
(1) require payments to unsecured creditors in any particular month greater than debtor's disposable income for that month based on an increase in debtor's disposable income; or
(2), if the modification takes place in the plan's last year, require any payments that would leave the debtor with insufficient funds after plan completion to carry on the farming operation.
Section 1007 -
Extends Chapter 12 coverage to family fishermen.Treats a guarantor of a creditor claim in the same manner as a creditor with respect to the operation of a stay in bankruptcy.
Treats a co-maker of a loan made by a creditor, for any claim arising from the ownership or operation of a commercial fishing operation, in the same manner as a creditor with respect to such stay.Treats a claim for a lien upon a commercial fishing vessel of a family fisherman as an unsecured claim.
Declares such treatment inapplicable to:
(1) a claim made by a crewmember or seaman for wages or personal injury; or
(2) a preferred ship mortgage that has been perfected.
Title XI - Health Care and Employee Benefits
Amends bankruptcy provisions to prescribe guidelines for disposal of the patient records of a health care business (not including a health maintenance organization) that commences a proceeding for debtor relief and the trustee does not have sufficient funds to pay for the storage of patient records as required by law.
Section 1103 -
Allows an administrative expense claim for the costs of closing a health care business, including disposal of patient records and transfer of patients to another health care business.
Section 1104 -
Requires the bankruptcy court to appoint an ombudsman to represent the interests of the patients of a health care business within 30 days after commencement of a case under chapter 7 (Liquidation), 9 (Adjustment of Debts of a Municipality), or 11 (Reorganization).
Section 1105 -
Requires the bankruptcy trustee to use all reasonable and best efforts to transfer patients from the health care business in the process of being closed to an appropriate substitute.
Section 1106 -
Denies an automatic stay to a debtor's exclusion by the Secretary of Health and Human Services from participation in the Medicare program or any other Federal health care program (thus precluding the debtor's continuation or reinstatement in such a program).
Title XII - Technical Amendments
Makes technical corrections to Federal bankruptcy, judicial, and criminal law.
Section 1201 -
Redefines single asset real estate to exclude family farms and to repeal the $4 million ceiling on the amount of noncontingent, liquidated secured debts on such property. Defines the term "transfer" to include: (1) creation of a lien; (2) retention of title as a security interest; (3) foreclosure of the debtor's equity of redemption; and (4) every mode of disposing of property or parting with an interest in property.
Section 1202 -
Requires triennial adjustment of the $5,000 value of certain implements, professional books, tools of the trade, farm animals, and crops which a debtor may exempt from the property of the estate (protecting them from creditors' liens).
Section 1206 -
Provides that a trustee or a creditors' and equity security holders' committee may pay a professional person they employ on a fixed or percentage fee basis, as well as on other bases already permitted.
Section 1208 -
Excludes from compensable professional services any expenses incurred for an attorney or an accountant by an individual member of a creditors' and equity security holders' committee.
Section 1209 -
Declares nondischargeable in bankruptcy a debt for death or personal injury caused by the debtor's operation of a vessel or aircraft while intoxicated from alcohol, a drug, or other substance.
Section 1213 -
Revises guidelines governing preferences to provide that, if the trustee avoids a security interest given between 90 days and one year before the date of the filing of the petition, by the debtor to a non-insider for the benefit of a creditor that is an insider, then such security interest shall be considered to be avoided only with respect to the insider creditor.
Section 1221 -
Permits the bankruptcy trustee to sell, use, or lease property in accordance with nonbankruptcy law governing the transfer of property by nonprofit charitable corporations, if doing so is not inconsistent with certain relief granted under the automatic stay.
Section 1222 -
Extends from 20 to 30 days the length of time after a debtor receives possession of property for perfection of a security interest in such property created by a transfer which the trustee may not avoid.
Section 1223 -
Bankruptcy Judgeship Act of 2001 - Amends the Federal judicial code to mandate appointments for additional temporary bankruptcy judgeships in California, Delaware, Florida, Georgia, Maryland, Michigan, Mississippi, New Jersey, New York, North Carolina Pennsylvania, Puerto Rico, Tennessee, Virginia, South Carolina, and Nevada. Provides that the first vacancy occurring in such district five years or more after a judge is appointed under this Act shall not be filled.Extends temporary bankruptcy judgeship positions authorized for the northern district of Alabama, and the districts of Delaware, Puerto Rico, and the eastern district of Tennessee.
Section 1224 -
Prescribes compensation guidelines for the services and expenses of a trustee who has petitioned the court to convert or dismiss a chapter 7 case.
Section 1225 -
Denies an automatic stay with respect to creation or perfection of a statutory lien for a special tax or special assessment on real property whether or not ad valorem, if the tax or assessment comes due after the filing of a petition for debtor relief.
Section 1226 -
Requires the Director of the Federal Judicial Center to develop materials and conduct training useful to courts in implementing this Act.
Section 1227 -
Amends Federal bankruptcy law to modify the right of the seller of goods to the debtor to reclaim such goods if the debtor received them while insolvent. Limits the period of receipt to 45 days prior to commencement of the case, and the time during which the seller may demand reclamation to 45 days after receipt, or before 20 days after commencement of the bankruptcy case.
Section 1228 -
Prohibits a court from granting a discharge in a chapter 7 case, or from confirming a reorganization plan in a chapter 11 or 13 case, unless requested tax documents are filed with or otherwise provided to the court.
Section 1229 -
Expresses the sense of Congress that:
(1) consumer credit may sometimes be offered indiscriminately without lender action to ensure consumer repayment capacity, and in a manner which may encourage additional debt accumulation; and
(2) resulting consumer debt may increasingly be a major contributing factor to consumer insolvency.Instructs the Board of Governors of the Federal Reserve System to study indiscriminate solicitation and extension of credit by the credit industry.
Authorizes the Board to:
(1) promulgate regulations requiring additional disclosures to consumers; and
(2) take measures to ensure responsible industrywide practices and to prevent resulting consumer debt and insolvency.
Section 1230 -
Excludes from property of the estate in bankruptcy certain tangible personal property (other than securities or written or printed evidences of indebtedness or title) pledged or sold by the debtor as collateral for a loan or money advance, and: (1) the pledgee or transferee possesses such property; (2) the debtor has no obligation to repay or redeem; and (3) neither the debtor nor the trustee has exercised any right to redeem in a timely manner.
Section 1231 -
Amends the Federal judicial code to authorize private trustees and standing trustees, after exhausting administrative remedies, to obtain judicial review in a U.S. district court of: (1) any suspension or termination; or (2) denial of a claim of actual, necessary expenses.
Section 1233 -
Cites circumstances under which a court of appeals may authorize an immediate appeal of an order or decree not otherwise appealable.
Section 1235 -
Revises requirements for an involuntary case brought against a person by three or more claimholding entities. Amends the requirement that a claim not be the subject of a bona fide dispute to specify a dispute as to liability or amount. Limits such a case only to undisputed claims (aggregating, as under current law, at least $10,775 more than the value of any lien on property securing such claims).
Section 1236 -
Makes debts incurred to pay fines or penalties imposed under Federal election law nondischargeable in bankruptcy.
Section 1237 -
Prohibits an insolvent political committee subject to Federal Election Commission jurisdiction from filing for bankruptcy.
Title XIII - Consumer Credit Disclosure
Amends the Truth in Lending Act to require:
(1) specified minimum payment warnings governing an open end credit plan on which finance charges are accruing; and
(2) disclosure of a toll-free number to call for an estimate of the time required to repay the balance making only minimum payments.
Requires the Federal Trade Commission (FTC) to establish a toll-free number for the same purpose in the case of a creditor with respect to which the FTC is enforcing compliance with such Act. Directs the Board of Governors of the Federal Reserve System (the Board) to promulgate implementing regulations.
Section 1301 -
Authorizes the Board to study and report to Congress on the types of information available to potential borrowers from consumer credit lending institutions regarding factors qualifying such borrowers for credit, repayment requirements, and the consequences of default.
Section 1302 -
Mandates additional disclosures in credit applications and advertising about credit extensions secured by a dwelling which exceed the dwelling's fair market value, stating that the interest on the excess portion of such extension is not tax deductible for Federal income tax purposes.
Section 1303 -
Requires specified additional disclosures for: (1) introductory rates and temporary annual percentage rates of interest; (2) Internet-based credit card solicitations; and (3) late payment deadlines and penalties.
Section 1306 -
Prohibits a creditor from terminating an open end consumer credit account before its expiration date solely because finance charges have not been incurred on such account.
Section 1307 -
Authorizes the Board to study and report to Congress on certain consumer protections limiting consumer liability for unauthorized use of a debit card or similar access device.
Section 1308 -
Instructs the Board to study and report to Congress on the impact that credit extensions to dependent students have upon the rate of bankruptcy cases filed under Federal law.
Section 1309 -
Instructs the Board to promulgate regulations to provide guidance regarding the meaning of the term "clear and conspicuous" as used in the Truth in Lending Act.
Title XIV - Emergency Energy Assistance and Conservation Measures
Energy Emergency Response Act of 2001 - Amends the following Acts to provide increased funding through FY 2005 for energy programs: (1) the Low-Income Home Energy Assistance Act of 1981(for home energy grants); (2) the Energy Conservation and Production Act (for weatherization assistance); and (3) the Energy Policy and Conservation Act (for State energy conservation grants).
Section 1403 -
Amends the Low-Income Home Energy Assistance Act of 1981 to authorize, during FY 2001 only, State payments to households with incomes up to and including 200 percent of the poverty level for such State.
Section 1404 -
Amends the National Energy Conservation Policy Act (NECPA) to:
(1) mandate that each Federal agency undertake a comprehensive review of practicable measures for increasing energy and water conservation, and for using renewable energy sources;
(2) allow savings resulting from reduced operation and maintenance costs at replacement facilities to be recognized as an approved benefit ancillary to an energy savings or performance contract; and
(3) repeal the termination dates governing the authority to enter into energy savings performance contracts (thus extending such authority indefinitely).
Title XV - General Effective Date; Application of Amendments
Sets forth the effective date of this Act and the application of its amendments.
Title XVI - Miscellaneous Provisions
Instructs the Federal Crop Insurance Corporation to promulgate final regulations to implement specified statutory requirements for reimbursement of an applicant's research, development, and maintenance costs related to specified crop insurance policies without regard to: (1) specified notice requirements; (2) a certain Statement of Policy of the Secretary of Agriculture (relating to notices of proposed rulemaking); and (3) the Paperwork Reduction Act.

House Republican Conference Summary

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