Furthering Asbestos Claim Transparency (FACT) Act of 2017

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. 1. Short title This Act may be cited as the Furthering Asbestos Claim Transparency (FACT) Act of 2017 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. February 24, 2017 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed

Summary: (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) Furthering Asbestos Claim Transparency (FACT) Act of 2017 (Sec. 2) This bill amends federal bankruptcy law to establish disclosure requirements with respect to&nbsp;a trust that is formed under a reorganization plan, following the discharge in bankruptcy of a debtor corporation, for the purpose of assuming the debtor's liability regarding certain legal claims related to&nbsp;liability for asbestos exposure. Such a trust must file with the bankruptcy court quarterly reports, available on the public docket, that describe each demand the trust has received from a claimant and the basis for any payment made to that claimant. These reports shall not include any confidential medical record or the claimant's full Social Security number. Upon written request, and subject to payment for reasonable costs, a trust must&nbsp;provide information related to payment from, and demands for payment from, the trust to any party to an action concerning liability for asbestos exposure.