Text of the FACT Act

This bill was introduced on May 10, 2012, in a previous session of Congress, but was not enacted. The text of the bill below is as of May 10, 2012 (Introduced).

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Source: GPO



2d Session

S. 3076


May 10, 2012

introduced the following bill; which was read twice and referred to the Committee on the Judiciary


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.


Short title

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



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


A trust described in paragraph (2)(B)(i) shall—


not later than 60 days after the end of each quarter, file with the bankruptcy court (which shall make the report available on the public docket of the court) and the United States Trustee a report that, for the quarter covered by the report—


describes each demand the trust received from a claimant, which—


shall include the name and exposure history of the claimant and the basis for any payment from the trust made to such claimant; and


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


upon written request, provide in a timely manner any information relating to payment from, and demands for payment from, the trust, subject to appropriate protective orders, to any party to any action in law or equity if the subject of the action concerns liability for asbestos exposure.



Effective date; application of amendments


Effective date

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


Application of amendments

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