[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 542 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 542

   To extend the statute of limitations applicable to civil actions 
 brought by the Federal conservator or receiver of a failed depository 
                              institution.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 21, 1993

  Mr. Stark introduced the following bill; which was referred to the 
            Committee on Banking, Finance and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
   To extend the statute of limitations applicable to civil actions 
 brought by the Federal conservator or receiver of a failed depository 
                              institution.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. EXTENSION OF STATUTE OF LIMITATIONS.

    (a) Depository Institutions Other Than Credit Unions.--Section 
11(d)(14)(A)(ii)(I) of the Federal Deposit Insurance Act (12 U.S.C. 
1821(d)(14)(A)(ii)(I)) is amended by striking ``3-year period'' and 
inserting ``5-year period''.
    (b) Credit Unions.--Section 207(b)(14)(A)(ii)(I) of the Federal 
Credit Union Act (12 U.S.C. 1787(b)(14)(A)(ii)(I)) is amended by 
striking ``3-year period'' and inserting ``5-year period''.

SEC. 2. EFFECTIVE DATES.

    (a) Depository Institutions Other Than Credit Unions.--The 
amendment made by section 1(a) shall take effect as if such amendment 
had been included in the amendment made by section 212(a) of the 
Financial Institutions Reform, Recovery, and Enforcement Act of 1989 as 
of the effective date of such section.
    (b) Credit Unions.--The amendment made by section 1(b) shall take 
effect as if such amendment had been included in the amendment made by 
section 1217(a)(4) of the Financial Institutions Reform, Recovery, and 
Enforcement Act of 1989 as of the effective date of such section.

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