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SEC. 1228. RECLAMATION.
(a) RIGHTS AND POWERS OF THE TRUSTEE.—Sec-
tion 546(c) of title 11, United States Code, is amended
to read as follows:
‘‘(c)(1) Except as provided in subsection (d) of this
section and subsection (c) of section 507, and subject to
the prior rights of holders of security interests in such
goods or the proceeds thereof, the rights and powers of
the trustee under sections 544(a), 545, 547, and 549 are
subject to the right of a seller of goods that has sold goods
to the debtor, in the ordinary course of such seller’s busi-
ness, to reclaim such goods if the debtor has received such
goods while insolvent, not later than 45 days after the date
of the commencement of a case under this title, but such
seller may not reclaim such goods unless such seller de-
mands in writing reclamation of such goods—
‘‘(A) not later than 45 days after the date of
receipt of such goods by the debtor; or
‘‘(B) not later than 20 days after the date of
commencement of the case, if the 45-day period ex-
pires after the commencement of the case.
‘‘(2) If a seller of goods fails to provide notice in the
manner described in paragraph (1), the seller still may
assert the rights contained in section 503(b)(7).’’.
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(b) ADMINISTRATIVE EXPENSES.—Section 503(b) of
title 11, United States Code, as amended by this Act, is
amended by adding at the end the following:
‘‘(10) the value of any goods received by the
debtor not later than 20 days after the date of com-
mencement of a case under this title in which the
goods have been sold to the debtor in the ordinary
course of such debtor’s business.’’.
SEC. 1229. PROVIDING REQUESTED TAX DOCUMENTS TO
THE COURT.
(a) CHAPTER 7 CASES.—The court shall not grant
a discharge in the case of an individual seeking bank-
ruptcy under chapter 7 of title 11, United States Code,
unless requested tax documents have been provided to the
court.
(b) CHAPTER 11 AND CHAPTER 13 CASES.—The
court shall not confirm a plan of reorganization in the case
of an individual under chapter 11 or 13 of title 11, United
States Code, unless requested tax documents have been
filed with the court.
(c) DOCUMENT RETENTION.—The court shall de-
stroy documents submitted in support of a bankruptcy
claim not sooner than 3 years after the date of the conclu-
sion of a bankruptcy case filed by an individual under
chapter 7, 11, or 13 of title 11, United States Code. In
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the event of a pending audit or enforcement action, the
court may extend the time for destruction of such re-
quested tax documents.
SEC. 1230. ENCOURAGING CREDITWORTHINESS.
(a) SENSE OF THE CONGRESS.—It is the sense of the
Congress that—
(1) certain lenders may sometimes offer credit
to consumers indiscriminately, without taking steps
to ensure that consumers are capable of repaying
the resulting debt, and in a manner which may en-
courage certain consumers to accumulate additional
debt; and
(2) resulting consumer debt may increasingly be
a major contributing factor to consumer insolvency.
(b) STUDY REQUIRED.—The Board of Governors of
the Federal Reserve System (hereafter in this section re-
ferred to as the ‘‘Board’’) shall conduct a study of—
(1) consumer credit industry practices of solic-
iting and extending credit—
(A) indiscriminately;
(B) without taking steps to ensure that
consumers are capable of repaying the resulting
debt; and
(C) in a manner that encourages con-
sumers to accumulate additional debt; and
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(2) the effects of such practices on consumer
debt and insolvency.
(c) REPORT AND REGULATIONS.—Not later than 12
months after the date of enactment of this Act, the
Board—
(1) shall make public a report on its findings
with respect to the indiscriminate solicitation and
extension of credit by the credit industry;
(2) may issue regulations that would require
additional disclosures to consumers; and
(3) may take any other actions, consistent with
its existing statutory authority, that the Board finds
necessary to ensure responsible industrywide prac-
tices and to prevent resulting consumer debt and in-
solvency.
SEC. 1231. PROPERTY NO LONGER SUBJECT TO REDEMP-
TION.
Section 541(b) of title 11, United States Code, is
amended by inserting after paragraph (8), as added by
this Act, the following:
‘‘(9) subject to subchapter III of chapter 5, any
interest of the debtor in property where the debtor
pledged or sold tangible personal property (other
than securities or written or printed evidences of in-
debtedness or title) as collateral for a loan or ad-
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vance of money given by a person licensed under law
to make such loans or advances, where—
‘‘(A) the tangible personal property is in
the possession of the pledgee or transferee;
‘‘(B) the debtor has no obligation to repay
the money, redeem the collateral, or buy back
the property at a stipulated price; and
‘‘(C) neither the debtor nor the trustee
have exercised any right to redeem provided
under the contract or State law, in a timely
manner as provided under State law and sec-
tion 108(b) of this title; or’’.
SEC. 1232. TRUSTEES.
(a) SUSPENSION
AND
TERMINATION
OF
PANEL
TRUSTEES AND STANDING TRUSTEES.—Section 586(d) of
title 28, United States Code, is amended—
(1) by inserting ‘‘(1)’’ after ‘‘(d)’’; and
(2) by adding at the end the following:
‘‘(2) A trustee whose appointment under subsection
(a)(1) or under subsection (b) is terminated or who ceases
to be assigned to cases filed under title 11, United States
Code, may obtain judicial review of the final agency deci-
sion by commencing an action in the United States district
court for the district for which the panel to which the
trustee is appointed under subsection (a)(1), or in the
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United States district court for the district in which the
trustee is appointed under subsection (b) resides, after
first exhausting all available administrative remedies,
which if the trustee so elects, shall also include an admin-
istrative hearing on the record. Unless the trustee elects
to have an administrative hearing on the record, the trust-
ee shall be deemed to have exhausted all administrative
remedies for purposes of this paragraph if the agency fails
to make a final agency decision within 90 days after the
trustee requests administrative remedies. The Attorney
General shall prescribe procedures to implement this para-
graph. The decision of the agency shall be affirmed by
the district court unless it is unreasonable and without
cause based on the administrative record before the agen-
cy.’’.
(b) EXPENSES OF STANDING TRUSTEES.—Section
586(e) of title 28, United States Code, is amended by add-
ing at the end the following:
‘‘(3) After first exhausting all available administra-
tive remedies, an individual appointed under subsection
(b) may obtain judicial review of final agency action to
deny a claim of actual, necessary expenses under this sub-
section by commencing an action in the United States dis-
trict court in the district where the individual resides. The
decision of the agency shall be affirmed by the district
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court unless it is unreasonable and without cause based
upon the administrative record before the agency.
‘‘(4) The Attorney General shall prescribe procedures
to implement this subsection.’’.
SEC. 1233. BANKRUPTCY FORMS.
Section 2075 of title 28, United States Code, is
amended by adding at the end the following:
‘‘The bankruptcy rules promulgated under this section
shall prescribe a form for the statement required under
section 707(b)(2)(C) of title 11 and may provide general
rules on the content of such statement.’’.
SEC. 1234. EXPEDITED APPEALS OF BANKRUPTCY CASES
TO COURTS OF APPEALS.
(a) IN GENERAL.—Section 158 of title 28, United
States Code, is amended—
(1) by striking subsection (d) and inserting the
following:
‘‘(d)(1) In a case in which the appeal is heard by the
district court, the judgment, decision, order, or decree of
the bankruptcy judge shall be deemed a judgment, deci-
sion, order, or decree of the district court entered 31 days
after such appeal is filed with the district court, unless
not later than 30 days after such appeal is filed with the
district court—
‘‘(A) the district court—
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‘‘(i) files a decision on the appeal from the
judgment, decision, order, or decree of the
bankruptcy judge; or
‘‘(ii) enters an order extending such 30-day
period for cause upon motion of a party or
upon the court’s own motion; or
‘‘(B) all parties to the appeal file written con-
sent that the district court may retain such appeal
until it enters a decision.
‘‘(2) For the purpose of this subsection, an appeal
shall be considered filed with the district court on the date
on which the notice of appeal is filed, except that in a
case in which the appeal is heard by the district court be-
cause a party has made an election under subsection
(c)(1)(B), the appeal shall be considered filed with the dis-
trict court on the date on which such election is made.
‘‘(e) The courts of appeals shall have jurisdiction of
appeals from—
‘‘(1) all final judgments, decisions, orders, and
decrees of district courts entered under subsection
(a);
‘‘(2) all final judgments, decisions, orders, and
decrees of bankruptcy appellate panels entered under
subsection (b); and
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‘‘(3) all judgments, decisions, orders, and de-
crees of district courts entered under subsection (d)
to the extent that such judgments, decisions, orders,
and decrees would be reviewable by a district court
under subsection (a).
‘‘(f) In accordance with rules prescribed by the Su-
preme Court of the United States under sections 2072
through 2077, the court of appeals may, in its discretion,
exercise jurisdiction over an appeal from an interlocutory
judgment, decision, order, or decree under subsection
(e)(3).’’.
(b) TECHNICAL AND CONFORMING AMENDMENTS.—
(1) Section 305(c) of title 11, United States
Code, is amended by striking ‘‘section 158(d)’’ and
inserting ‘‘subsection (e) or (f) of section 158’’.
(2) Section 1334(d) of title 28, United States
Code, is amended by striking ‘‘section 158(d)’’ and
inserting ‘‘subsection (e) or (f) of section 158’’.
(3) Section 1452(b) of title 28, United States
Code, is amended by striking ‘‘section 158(d)’’ and
inserting ‘‘subsection (e) or (f) of section 158’’.
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TITLE XIII—CONSUMER CREDIT
DISCLOSURE
SEC. 1301. ENHANCED DISCLOSURES UNDER AN OPEN END
CREDIT PLAN.
(a) MINIMUM
PAYMENT
DISCLOSURES.—Section
127(b) of the Truth in Lending Act (15 U.S.C. 1637(b))
is amended by adding at the end the following:
‘‘(11)(A) In the case of an open end credit plan
that requires a minimum monthly payment of not
more than 4 percent of the balance on which finance
charges are accruing, the following statement, lo-
cated on the front of the billing statement, disclosed
clearly and conspicuously: ‘Minimum Payment
Warning: Making only the minimum payment will
increase the interest you pay and the time it takes
to repay your balance. For example, making only the
typical 2% minimum monthly payment on a balance
of $1,000 at an interest rate of 17% would take 88
months to repay the balance in full. For an estimate
of the time it would take to repay your balance,
making only minimum payments, call this toll-free
number: llllll.’ (the blank space to be
filled in by the creditor).
‘‘(B) In the case of an open end credit plan
that requires a minimum monthly payment of more
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than 4 percent of the balance on which finance
charges are accruing, the following statement, in a
prominent location on the front of the billing state-
ment, disclosed clearly and conspicuously: ‘Minimum
Payment Warning: Making only the required min-
imum payment will increase the interest you pay and
the time it takes to repay your balance. Making a
typical 5% minimum monthly payment on a balance
of $300 at an interest rate of 17% would take 24
months to repay the balance in full. For an estimate
of the time it would take to repay your balance,
making only minimum monthly payments, call this
toll-free number: llllll.’ (the blank space to
be filled in by the creditor).
‘‘(C) Notwithstanding subparagraphs (A) and
(B), in the case of a creditor with respect to which
compliance with this title is enforced by the Federal
Trade Commission, the following statement, in a
prominent location on the front of the billing state-
ment, disclosed clearly and conspicuously: ‘Minimum
Payment Warning: Making only the required min-
imum payment will increase the interest you pay and
the time it takes to repay your balance. For exam-
ple, making only the typical 5% minimum monthly
payment on a balance of $300 at an interest rate of
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17% would take 24 months to repay the balance in
full. For an estimate of the time it would take to
repay your balance, making only minimum monthly
payments, call the Federal Trade Commission at
this toll-free number: llllll.’ (the blank
space to be filled in by the creditor). A creditor who
is subject to this subparagraph shall not be subject
to subparagraph (A) or (B).
‘‘(D) Notwithstanding subparagraph (A), (B),
or (C), in complying with any such subparagraph, a
creditor may substitute an example based on an in-
terest rate that is greater than 17 percent. Any
creditor that is subject to subparagraph (B) may
elect to provide the disclosure required under sub-
paragraph (A) in lieu of the disclosure required
under subparagraph (B).
‘‘(E) The Board shall, by rule, periodically re-
calculate, as necessary, the interest rate and repay-
ment period under subparagraphs (A), (B), and (C).
‘‘(F)(i) The toll-free telephone number disclosed
by a creditor or the Federal Trade Commission
under subparagraph (A), (B), or (G), as appro-
priate, may be a toll-free telephone number estab-
lished and maintained by the creditor or the Federal
Trade Commission, as appropriate, or may be a toll-
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free telephone number established and maintained
by a third party for use by the creditor or multiple
creditors or the Federal Trade Commission, as ap-
propriate. The toll-free telephone number may con-
nect consumers to an automated device through
which consumers may obtain information described
in subparagraph (A), (B), or (C), by inputting infor-
mation using a touch-tone telephone or similar de-
vice, if consumers whose telephones are not equipped
to use such automated device are provided the op-
portunity to be connected to an individual from
whom the information described in subparagraph
(A), (B), or (C), as applicable, may be obtained. A
person that receives a request for information de-
scribed in subparagraph (A), (B), or (C) from an ob-
ligor through the toll-free telephone number dis-
closed under subparagraph (A), (B), or (C), as ap-
plicable, shall disclose in response to such request
only the information set forth in the table promul-
gated by the Board under subparagraph (H)(i).
‘‘(ii)(I) The Board shall establish and maintain
for a period not to exceed 24 months following the
effective date of the Bankruptcy Abuse Prevention
and Consumer Protection Act of 2001, a toll-free
telephone number, or provide a toll-free telephone
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number established and maintained by a third party,
for use by creditors that are depository institutions
(as defined in section 3 of the Federal Deposit In-
surance Act), including a Federal credit union or
State credit union (as defined in section 101 of the
Federal Credit Union Act (12 U.S.C. 1752)), with
total assets not exceeding $250,000,000. The toll-
free telephone number may connect consumers to an
automated device through which consumers may ob-
tain information described in subparagraph (A) or
(B), as applicable, by inputting information using a
touch-tone telephone or similar device, if consumers
whose telephones are not equipped to use such auto-
mated device are provided the opportunity to be con-
nected to an individual from whom the information
described in subparagraph (A) or (B), as applicable,
may be obtained. A person that receives a request
for information described in subparagraph (A) or
(B) from an obligor through the toll-free telephone
number disclosed under subparagraph (A) or (B), as
applicable, shall disclose in response to such request
only the information set forth in the table promul-
gated by the Board under subparagraph (H)(i). The
dollar amount contained in this subclause shall be
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adjusted according to an indexing mechanism estab-
lished by the Board.
‘‘(II) Not later than 6 months prior to the expi-
ration of the 24-month period referenced in sub-
clause (I), the Board shall submit to the Committee
on Banking, Housing, and Urban Affairs of the Sen-
ate and the Committee on Banking and Financial
Services of the House of Representatives a report on
the program described in subclause (I).
‘‘(G) The Federal Trade Commission shall es-
tablish and maintain a toll-free number for the pur-
pose of providing to consumers the information re-
quired to be disclosed under subparagraph (C).
‘‘(H) The Board shall—
‘‘(i) establish a detailed table illustrating
the approximate number of months that it
would take to repay an outstanding balance if
a consumer pays only the required minimum
monthly payments and if no other advances are
made, which table shall clearly present stand-
ardized information to be used to disclose the
information required to be disclosed under sub-
paragraph (A), (B), or (C), as applicable;
‘‘(ii) establish the table required under
clause (i) by assuming—
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‘‘(I) a significant number of different
annual percentage rates;
‘‘(II) a significant number of different
account balances;
‘‘(III) a significant number of dif-
ferent minimum payment amounts; and
‘‘(IV) that only minimum monthly
payments are made and no additional ex-
tensions of credit are obtained; and
‘‘(iii) promulgate regulations that provide
instructional guidance regarding the manner in
which the information contained in the table es-
tablished under clause (i) should be used in re-
sponding to the request of an obligor for any
information required to be disclosed under sub-
paragraph (A), (B), or (C).
‘‘(I) The disclosure requirements of this para-
graph do not apply to any charge card account, the
primary purpose of which is to require payment of
charges in full each month.
‘‘(J) A creditor that maintains a toll-free tele-
phone number for the purpose of providing cus-
tomers with the actual number of months that it will
take to repay the customer’s outstanding balance is
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not subject to the requirements of subparagraph (A)
or (B).
‘‘(K) A creditor that maintains a toll-free tele-
phone number for the purpose of providing cus-
tomers with the actual number of months that it will
take to repay an outstanding balance shall include
the following statement on each billing statement:
‘Making only the minimum payment will increase
the interest you pay and the time it takes to repay
your balance. For more information, call this toll-
free number: llll.’ (the blank space to be filled
in by the creditor).’’.
(b) REGULATORY IMPLEMENTATION.—
(1) IN GENERAL.—The Board of Governors of
the Federal Reserve System (hereafter in this title
referred to as the ‘‘Board’’) shall promulgate regula-
tions implementing the requirements of section
127(b)(11) of the Truth in Lending Act, as added
by subsection (a) of this section.
(2) EFFECTIVE DATE.—Section 127(b)(11) of
the Truth in Lending Act, as added by subsection
(a) of this section, and the regulations issued under
paragraph (1) of this subsection shall not take effect
until the later of—
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(A) 18 months after the date of enactment
of this Act; or
(B) 12 months after the publication of
such final regulations by the Board.
(c) STUDY OF FINANCIAL DISCLOSURES.—
(1) IN GENERAL.—The Board may conduct a
study to determine the types of information available
to potential borrowers from consumer credit lending
institutions regarding factors qualifying potential
borrowers for credit, repayment requirements, and
the consequences of default.
(2) FACTORS
FOR
CONSIDERATION.—In con-
ducting a study under paragraph (1), the Board
should, in consultation with the other Federal bank-
ing agencies (as defined in section 3 of the Federal
Deposit Insurance Act), the National Credit Union
Administration, and the Federal Trade Commission,
consider the extent to which—
(A) consumers, in establishing new credit
arrangements, are aware of their existing pay-
ment obligations, the need to consider those ob-
ligations in deciding to take on new credit, and
how taking on excessive credit can result in fi-
nancial difficulty;
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(B) minimum periodic payment features
offered in connection with open end credit plans
impact consumer default rates;
(C) consumers make only the required
minimum payment under open end credit plans;
(D) consumers are aware that making only
required minimum payments will increase the
cost and repayment period of an open end cred-
it obligation; and
(E) the availability of low minimum pay-
ment options is a cause of consumers experi-
encing financial difficulty.
(3) REPORT TO CONGRESS.—Findings of the
Board in connection with any study conducted under
this subsection shall be submitted to Congress. Such
report shall also include recommendations for legis-
lative initiatives, if any, of the Board, based on its
findings.
SEC. 1302. ENHANCED DISCLOSURE FOR CREDIT EXTEN-
SIONS SECURED BY A DWELLING.
(a) OPEN END CREDIT EXTENSIONS.—
(1) 
CREDIT
APPLICATIONS.—Section
127A(a)(13) of the Truth in Lending Act (15
U.S.C. 1637a(a)(13)) is amended—