Page:United States Statutes at Large Volume 119.djvu/232

 119 STAT. 214

PUBLIC LAW 109–8—APR. 20, 2005

for the purposes of disclosures required by the provisions of the Truth in Lending Act referred to in subsection (a). (c) STANDARDS.—In promulgating regulations under this section, the Board shall ensure that the clear and conspicuous standard required for disclosures made under the provisions of the Truth in Lending Act referred to in subsection (a) can be implemented in a manner which results in disclosures which are reasonably understandable and designed to call attention to the nature and significance of the information in the notice.

TITLE XIV—PREVENTING CORPORATE BANKRUPTCY ABUSE SEC. 1401. EMPLOYEE WAGE AND BENEFIT PRIORITIES.

Section 507(a) of title 11, United States Code, as amended by section 212, is amended— (1) in paragraph (4) by striking ‘‘90’’ and inserting ‘‘180’’, and (2) in paragraphs (4) and (5) by striking ‘‘$4,000’’ and inserting ‘‘$10,000’’. SEC. 1402. FRAUDULENT TRANSFERS AND OBLIGATIONS.

Section 548 of title 11, United States Code, is amended— (1) in subsections (a) and (b) by striking ‘‘one year’’ and inserting ‘‘2 years’’, (2) in subsection (a)— (A) by inserting ‘‘(including any transfer to or for the benefit of an insider under an employment contract)’’ after ‘‘transfer’’ the 1st place it appears, and (B) by inserting ‘‘(including any obligation to or for the benefit of an insider under an employment contract)’’ after ‘‘obligation’’ the 1st place it appears, and (3) in subsection (a)(1)(B)(ii)— (A) in subclause (II) by striking ‘‘or’’ at the end, (B) in subclause (III) by striking the period at the end and inserting ‘‘; or’’, and (C) by adding at the end the following: ‘‘(IV) made such transfer to or for the benefit of an insider, or incurred such obligation to or for the benefit of an insider, under an employment contract and not in the ordinary course of business.’’. (4) by adding at the end the following: ‘‘(e)(1) In addition to any transfer that the trustee may otherwise avoid, the trustee may avoid any transfer of an interest of the debtor in property that was made on or within 10 years before the date of the filing of the petition, if— ‘‘(A) such transfer was made to a self-settled trust or similar device; ‘‘(B) such transfer was by the debtor; ‘‘(C) the debtor is a beneficiary of such trust or similar device; and ‘‘(D) the debtor made such transfer with actual intent to hinder, delay, or defraud any entity to which the debtor was or became, on or after the date that such transfer was made, indebted.

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