S.2021 - Taxpayer Recovery Act of 1990101st Congress (1989-1990)
|Sponsor:||Sen. Dole, Robert J. [R-KS] (Introduced 01/24/1990)|
|Committees:||Senate - Judiciary|
|Latest Action:||02/06/1990 Referred to Subcommittee on Courts and Administrative Practice. (All Actions)|
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Summary: S.2021 — 101st Congress (1989-1990)All Bill Information (Except Text)
Introduced in Senate (01/24/1990)
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.