Furthering Asbestos Claim Transparency (FACT) Act of 2012

Furthering Asbestos Claim Transparency (FACT) Act of 2012 - Amends federal bankruptcy law concerning a trust formed under a plan of reorganization following the discharge in bankruptcy of a debtor corporation in order to assume the debtor's liability with respect to claims seeking recovery for personal injury, wrongful death, or property damage allegedly caused by the presence of, or exposure to, asbestos or asbestos-containing products.

Requires such trust to file with the bankruptcy court quarterly reports, available on the public docket, which describe each demand the trust has received from a claimant and the basis for any payment made to that claimant (excluding any confidential medical record or the claimant's full Social Security number).

Requires such reports, upon written request and subject to payment (demanded at the option of the trust) for reasonable costs, to provide any information related to payment from, and demands for payment from, the trust to any party to any action in law or equity if the subject concerns liability for asbestos exposure.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4369 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 4369

   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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 17, 2012

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

_______________________________________________________________________

                                 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

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

SEC. 2. AMENDMENTS.

    Section 524(g) of title 11, the United States Code, is amended by 
adding at the end the following:
    ``(8) A trust described in subsection (2) shall--
            ``(A) file with the bankruptcy court and the United States 
        Trustee, 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 each such reporting period--
                    ``(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, 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.''.

SEC. 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.
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