Page:United States Statutes at Large Volume 119.djvu/98

 119 STAT. 80

PUBLIC LAW 109–8—APR. 20, 2005 so determine, the stay provided by subsection (a) shall terminate upon the conclusion of the hearing on the motion.’’; and (2) in section 521, as amended by sections 106 and 225— (A) in subsection (a)(2) by striking ‘‘consumer’’; (B) in subsection (a)(2)(B)— (i) by striking ‘‘forty-five days after the filing of a notice of intent under this section’’ and inserting ‘‘30 days after the first date set for the meeting of creditors under section 341(a)’’; and (ii) by striking ‘‘forty-five day’’ and inserting ‘‘30day’’; (C) in subsection (a)(2)(C) by inserting ‘‘, except as provided in section 362(h)’’ before the semicolon; and (D) by adding at the end the following: ‘‘(d) If the debtor fails timely to take the action specified in subsection (a)(6) of this section, or in paragraphs (1) and (2) of section 362(h), with respect to property which a lessor or bailor owns and has leased, rented, or bailed to the debtor or as to which a creditor holds a security interest not otherwise voidable under section 522(f), 544, 545, 547, 548, or 549, nothing in this title shall prevent or limit the operation of a provision in the underlying lease or agreement that has the effect of placing the debtor in default under such lease or agreement by reason of the occurrence, pendency, or existence of a proceeding under this title or the insolvency of the debtor. Nothing in this subsection shall be deemed to justify limiting such a provision in any other circumstance.’’. SEC. 306. GIVING SECURED CREDITORS FAIR TREATMENT IN CHAPTER 13.

(a) IN GENERAL.—Section 1325(a)(5)(B)(i) of title 11, United States Code, is amended to read as follows: ‘‘(i) the plan provides that— ‘‘(I) the holder of such claim retain the lien securing such claim until the earlier of— ‘‘(aa) the payment of the underlying debt determined under nonbankruptcy law; or ‘‘(bb) discharge under section 1328; and ‘‘(II) if the case under this chapter is dismissed or converted without completion of the plan, such lien shall also be retained by such holder to the extent recognized by applicable nonbankruptcy law; and’’. (b) RESTORING THE FOUNDATION FOR SECURED CREDIT.—Section 1325(a) of title 11, United States Code, is amended by adding at the end the following: ‘‘For purposes of paragraph (5), section 506 shall not apply to a claim described in that paragraph if the creditor has a purchase money security interest securing the debt that is the subject of the claim, the debt was incurred within the 910-day preceding the date of the filing of the petition, and the collateral for that debt consists of a motor vehicle (as defined in section 30102 of title 49) acquired for the personal use of the debtor, or if collateral for that debt consists of any other thing of value, if the debt was incurred during the 1-year period preceding that filing.’’. (c) DEFINITIONS.—Section 101 of title 11, United States Code, is amended— (1) by inserting after paragraph (13) the following:

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