Page:United States Statutes at Large Volume 119.djvu/219

 PUBLIC LAW 109–8—APR. 20, 2005

119 STAT. 201

(B) without taking steps to ensure that consumers are capable of repaying the resulting debt; and (C) in a manner that encourages consumers to accumulate additional debt; and (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 practices and to prevent resulting consumer debt and insolvency. SEC. 1230. PROPERTY NO LONGER SUBJECT TO REDEMPTION.

Section 541(b) of title 11, United States Code, as amended by sections 225 and 323, is amended by adding after paragraph (7), as added by section 323, the following: ‘‘(8) 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 indebtedness or title) as collateral for a loan or advance 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 section 108(b); or’’. SEC. 1231. 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 decision by commencing an action in the district court of the United States for the district for which the panel to which the trustee is appointed under subsection (a)(1), or in the district court of the United States 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 administrative hearing on the record. Unless the trustee elects to have an administrative hearing on the record, the trustee 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

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