H.R.3982 - Taxpayer Recovery Act of 1990101st Congress (1989-1990)
|Sponsor:||Rep. Wylie, Chalmers P. [R-OH-15] (Introduced 02/07/1990)|
|Committees:||House - Judiciary|
|Latest Action:||House - 02/12/1990 Referred to the Subcommittee on Economic and Commercial Law. (All Actions)|
This bill has the status Introduced
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Summary: H.R.3982 — 101st Congress (1989-1990)All Information (Except Text)
Introduced in House (02/07/1990)
Taxpayer Recovery Act of 1990 - Amends the Federal bankruptcy code to exempt from a bankruptcy discharge: (1) a criminal restitution order issued against a person who has caused loss to a financial institution; (2) an order for damages arising from fraud or reckless disregard for the law involving a financial institution; and (3) judgments obtained by the FDIC against officers and directors for breach of fiduciary duty.
Extends from 60 to 120 days the time during which an objection to a discharge in bankruptcy petition may be filed.
Restricts to $7,500 the amount of real estate or insurance assets which may be shielded under the homestead exemption to the bankruptcy code.