Summary: H.R.5538 — 102nd Congress (1991-1992)All Information (Except Text)

There is one summary for H.R.5538. Bill summaries are authored by CRS.

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Introduced in House (07/02/1992)

Financial Institution Restitution Collection Improvement Act of 1992 - Amends the Federal Deposit Insurance Act to permit prejudgment attachment of certain property where there is probable cause to believe banking laws have been violated.

Provides that an order of restitution issued in connection with a conviction for a banking law violation shall: (1) be due in full as of the date of the order; (2) remain enforceable until the total amount of restitution has been paid; and (3) constitute a lien against all of the defendant's property.

Authorizes the court to appoint a temporary receiver to administer the defendant's assets to ensure payment of restitution. Requires the court, after the sentencing of the defendant, to make available to any recipient of a court-ordered restitution any financial information contained in the defendant's presentencing investigation report.

Mandates that the defendant pay directly to the Federal Deposit Insurance Corporation (FDIC) any court-ordered restitution which accrues to its benefit.

Prohibits the court from taking into consideration the defendant's ability to pay when determining the amount of restitution ordered.

Requires the United States Parole Commission (or the probation officer of Federal district court) to notify each recipient of court-ordered restitution if the full amount of such an order has not been fully paid before the end of the defendant's period of supervised release.

Prescribes guidelines under which any private person may file a court action to recover, on behalf of the FDIC, any asset of any person liable for the satisfaction of a restitution order. Grants such person a prescribed percentage of recovered assets.