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H.R. 4369 (112th): Furthering Asbestos Claim Transparency (FACT) Act of 2012

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The text of the bill below is as of Sep 21, 2012 (Reported by House Committee). The bill was not enacted into law.

IB

Union Calendar No. 498

112th CONGRESS

2d Session

H. R. 4369

[Report No. 112–687]

IN THE HOUSE OF REPRESENTATIVES

April 17, 2012

(for himself, Mr. Matheson, and Mr. Ross of Florida) introduced the following bill; which was referred to the Committee on the Judiciary

September 21, 2012

Additional sponsors: Mr. Goodlatte, Mr. Sensenbrenner, and Mr. Griffin of Arkansas

September 21, 2012

Reported with amendments, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

Strike out all after the enacting clause and insert the part printed in italic

For text of introduced bill, see copy of bill as introduced on April 17, 2012

A BILL

To amend title 11 of the United States Code to require the public disclosure by trusts established under section 524(g) of such title, of quarterly reports that contain detailed information regarding the receipt and disposition of claims for injuries based on exposure to asbestos, and the filing of such reports with the Executive Office for United States Trustees.

1.

Short title

This Act may be cited as the Furthering Asbestos Claim Transparency (FACT) Act of 2012.

2.

Amendments

Section 524(g) of title 11, United States Code, is amended by adding at the end the following:

(8)

A trust described in paragraph (2) shall, subject to section 107—

(A)

file with the bankruptcy court, not later than 60 days after the end of every quarter, a report that shall be made available on the court’s public docket and with respect to such quarter—

(i)

describes each demand the trust received from, including the name and exposure history of, a claimant and the basis for any payment from the trust made to such claimant; and

(ii)

does not include any confidential medical record or the claimant’s full social security number; and

(B)

upon written request, and subject to payment (demanded at the option of the trust) for any reasonable cost incurred by the trust to comply with such request, provide in a timely manner any information related to payment from, and demands for payment from, such trust, subject to appropriate protective orders, to any party to any action in law or equity if the subject of such action concerns liability for asbestos exposure.

.

3.

Effective date; application of amendments

(a)

Effective date

Except as provided in subsection (b), this Act and the amendments made by this Act shall take effect on the date of the enactment of this Act.

(b)

Application of amendments

The amendments made by this Act shall apply with respect to cases commenced under title 11 of the United States Code before, on, or after the date of the enactment of this Act.

Amend the title so as to read: A bill to amend title 11 of the United States Code to require the public disclosure by trusts established under section 524(g) of such title, of quarterly reports that contain detailed information regarding the receipt and disposition of claims for injuries based on exposure to asbestos; and for other purposes..

September 21, 2012

Reported with amendments, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed