[Congressional Record Volume 144, Number 120 (Friday, September 11, 1998)]
[Senate]
[Pages S10242-S10245]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          AMENDMENTS SUBMITTED

                                 ______
                                 

                 CONSUMER BANKRUPTCY REFORM ACT OF 1998

                                 ______
                                 

                        LEAHY AMENDMENT NO. 3564

  (Ordered to lie on the table.)
  Mr. LEAHY submitted an amendment intended to be proposed by him to 
amendment No. 3559 submitted by Mr. Grassley to the bill (S. 1301) to 
amend title 11, United States Code, to provide for consumer bankruptcy 
protection, and for other purposes; as follows:

       At the appropriate place in title VII, insert the 
     following:

     SEC. __. CHAPTER 11 DISCHARGE OF DEBTS ARISING FROM TOBACCO-
                   RELATED DEBTS.

       Section 1141(d) of title 11, United States Code, is amended 
     by adding at the end the following:
       ``(5)(A) the confirmation of a plan does not discharge a 
     debtor that is a corporation from any debt arising from a 
     judicial, administrative, or other action or proceeding that 
     is--
       ``(i) related to the consumption or consumer purchase of a 
     tobacco product; and
       ``(ii) based in whole or in part on--
       ``(I) a false pretense or representation; or
       ``(II) actual fraud.
       ``(B) In this paragraph, the term `tobacco product' means--
       ``(i) a cigarette, as defined in section 3 of the Federal 
     Cigarette Labeling and Advertising Act (15 U.S.C. 1332);
       ``(ii) a little cigar, as defined in section 3 of the 
     Federal Cigarette Labeling and Advertising Act (15 U.S.C. 
     1332);
       ``(iii) a cigar, as defined in section 5702(a) of the 
     Internal Revenue Code of 1986;
       ``(iv) pipe tobacco;
       ``(v) loose rolling tobacco and papers used to contain that 
     tobacco;
       ``(vi) a product referred to as smokeless tobacco, as 
     defined in section 9 of the Comprehensive Smokeless Tobacco 
     Health Education Act of 1986 (15 U.S.C. 4408); and
       ``(vii) any other form of tobacco intended for human 
     consumption.''.
                                 ______
                                 

            FEINGOLD (AND SPECTER) AMENDMENTS NOS. 3565-3566

  (Ordered to lie on the table.)
  Mr. FEINGOLD (for himself and Mr. Specter) submitted two amendments 
intended to be proposed by them to amendment No. 3559 submitted by Mr. 
Grassley to the bill, S. 1301, supra; as follows:

                           Amendment No. 3565

       At the appropriate place in title IV, insert the following:

     SEC. 4__. BANKRUPTCY FEES.

       Section 1930 of title 28, United States Code, is amended--
       (1) in subsection (a), by striking ``Notwithstanding 
     section 1915 of this title, the parties'' and inserting 
     ``Subject to subsection (f), the parties''; and

[[Page S10243]]

       (2) by adding at the end the following:
       ``(f)(1) The Judicial Conference of the United States shall 
     prescribe procedures for waiving fees under this subsection.
       ``(2) Under the procedures described in paragraph (1), the 
     district court or the bankruptcy court may waive a filing fee 
     described in paragraph (3) for a case commenced under chapter 
     7 of title 11 if the court determines that an individual 
     debtor is unable to pay that fee in installments.
       ``(3) A filing fee referred to in paragraph (2) is--
       ``(A) a filing fee under subsection (a)(1); or
       ``(B) any other fee prescribed by the Judicial Conference 
     of the United States under subsection (b) that is payable to 
     the clerk of the district court or the clerk of the 
     bankruptcy court upon the commencement of a case under 
     chapter 7 of title 11.
       ``(4) In addition to waiving a fee described in paragraph 
     (3) under paragraph (2), the district court or the bankruptcy 
     court may waive any other fee prescribed under subsection (b) 
     or (c) if the court determines that the individual is unable 
     to pay that fee in installments.''.
                                  ____


                           Amendment No. 3566

       On page 53, lines 10 and 11, strike ``and finds that the 
     action of the counsel for the debtor in filing under this 
     chapter was not substantially justified''.
       On page 53, line 12, after ``the court shall'' insert 
     ``award all reasonable costs in prosecuting the motion, 
     including reasonable attorneys' fees, which shall be treated 
     as an administrative expense under section 503(b) in a case 
     under this title that is converted to a case under another 
     chapter of this title''.
       On page 53, lines 12 through 14, strike ``order the counsel 
     for the debtor to reimburse the trustee for all reasonable 
     costs in prosecuting the motion, including reasonable 
     attorneys' fees''.
       On page 55, between lines 6 and 7, insert the following:
       (b) Allowance of Administrative Expenses.--Section 
     503(b)(3) of title 11, United States Code, is amended--
       (1) in subparagraph (E), by striking ``or'' at the end;
       (2) in subparagraph (F), by adding ``or'' at the end; and
       (3) by adding at the end the following:
       ``(G) a panel trustee appointed under section 586(a)(1) of 
     title 28 who brings a motion for dismissal or conversion 
     under section 707(b), if the court grants the motion of the 
     trustee and the case is converted to a case under another 
     chapter of this title.''.
       On page 55, line 7, strike ``(b)'' and insert ``(c)''.
                                 ______
                                 

                     FORD AMENDMENTS NOS. 3567-3568

  (Ordered to lie on the table.)
  Mr. FORD submitted two amendments intended to be proposed by him to 
amendment No. 3559 submitted by Mr. Grassley to the bill, S. 1301, 
supra; as follows:

                           Amendment No. 3567

       Strike all after ``that is'' on page 1, line 10 of the 
     amendment and insert the following: ``Based in whole or in 
     part on a false pretense or representation, or actual 
     fraud.''
                                  ____


                           Amendment No. 3568

       At the end of the matter proposed to be inserted, insert 
     the following:
       ``Section 1141(d) of title 11, United States Code, is 
     amended by adding at the end the following:
       ``(6) The confirmation of a plan does not discharge a 
     debtor that is a corporation from any debt arising from a 
     judicial, administrative, or other action or proceeding that 
     is based in whole or in part on false pretenses, a false 
     representation, or actual fraud.''
                                 ______
                                 

                       McCAIN AMENDMENT NO. 3569

  (Ordered to lie on the table.)
  Mr. McCAIN submitted an amendment intended to be proposed by him to 
amendment No. 2559 submitted by Mr. Grassley to the bill, S. 1301, 
supra; as follows:

       At the appropriate place in title VII, insert the 
     following:

     SEC. 7__. FEES ARISING FROM CERTAIN OWNERSHIP INTERESTS.

       Section 523(a)(16) of title 11, United States Code, is 
     amended--
       (1) by striking ``dwelling'' the first place it appears;
       (2) by striking ``ownership or'' and inserting 
     ``ownership,'';
       (3) by striking ``housing'' the first place it appears; and
       (4) by striking ``but only'' and all that follows through 
     ``such period,'', and inserting ``or a lot in a homeowners 
     association, for as long as the debtor or the trustee has a 
     legal, equitable, or possessory ownership interest in such 
     unit, such corporation, or such lot,''.
                                 ______
                                 

                       SPECTER AMENDMENT NO. 3570

  (Ordered to lie on the table.)
  Mr. SPECTER submitted an amendment intended to be proposed by him to 
amendment No. 3559 proposed by Mr. Grassley to the bill, S. 1301, 
supra; as follows:

       At the appropriate place in title VII, insert the 
     following:

     SEC. 7__. TRANSFERS MADE BY NONPROFIT CHARITABLE 
                   CORPORATIONS.

       (a) Sale of Property of Estate.--Section 363(d) of title 
     11, United States Code, is amended--
       (1) by striking ``only'' and all that follows through the 
     end of the subsection and inserting ``only--
       ``(1) in accordance with applicable nonbankruptcy law that 
     governs the transfer of property by a corporation or trust 
     that is not a moneyed, business, or commercial corporation or 
     trust; and
       ``(2) to the extent not inconsistent with any relief 
     granted under subsection (c), (d), (e), or (f) of section 
     362''.
       (b) Confirmation of Plan for Reorganization.--Section 
     1129(a) of title 11, United States Code, is amended by adding 
     at the end the following:
       ``(14) All transfers of property of the plan shall be made 
     in accordance with any applicable provisions of nonbankruptcy 
     law that govern the transfer of property by a corporation or 
     trust that is not a moneyed, business, or commercial 
     corporation or trust.''.
       (c) Transfer of Property.--Section 541 of title 11, United 
     States Code, is amended by adding at the end the following:
       ``(e) Notwithstanding any other provision of this title, 
     property that is held by a debtor that is a corporation 
     described in section 501(c)(3) of the Internal Revenue Code 
     of 1986 and exempt from tax under section 501(a) of such Code 
     may be transferred to an entity that is not such a 
     corporation, but only under the same conditions as would 
     apply if the debtor had not filed a case under this title.''.
       (d) Applicability.--The amendments made by this section 
     shall apply to a case pending under title 11, United States 
     Code, on the date of enactment of this Act.
                                 ______
                                 

                     TORRICELLI AMENDMENT NO. 3571

  (Ordered to lie on the table.)
  Mr. TORRICELLI submitted an amendment intended to be proposed by him 
to amendment No. 3559 proposed by Mr. Grassley to the bill, S. 1301, 
supra; as follows:

       In section 722, strike ``Section 901(a)'' and all that 
     follows through the end of the section and insert the 
     following:
       (a) In General.--Section 901(a) of title 11, United States 
     Code, is amended by inserting ``1123(d),'' after 
     ``1123(b),''.
       (b) Firearms Defined.--Section 101 of title 11, United 
     States Code, is amended--
       (2) by redesignating paragraphs (27) through (72) as 
     paragraphs (28) through (73), respectively; and
       (2) by inserting after paragraph (26), as redesignated by 
     section 401, the following:
       ``(27) The term `firearm'--
       ``(A) has the meaning given that term in section 921(3) of 
     title 18; and
       ``(B) includes any firearm included under the definition of 
     that term under section 5845 of the Internal Revenue Code of 
     1986.''.
       (c) Exceptions to Discharge.--Section 523(a) of title 11, 
     United States Code, is amended--
       (1) in paragraph (17), by striking ``or'' at the end;
       (2) in paragraph (18), by striking the period at the end 
     and inserting ``; or''; and
       (3) by adding at the end the following:
       ``(19) resulting from harm caused by a defective firearm 
     that the debtor sold or manufactured.''.
       (d) Automatic Stay.--Section 362(b) of title 11, United 
     States Code, is amended--
       (1) in paragraph (22), by striking ``or'' at the end;
       (2) in paragraph (23), by striking the period at the end 
     and inserting ``; or''; and
       (3) by adding at the end the following:
       ``(24) under subsection (a) of this section of--
       ``(A) the commencement or continuation, and conclusion to 
     the entry of final judgment, of a judicial, administrative, 
     or other action or proceeding against a debtor relating to a 
     claim for harm caused by a defective firearm that the debtor 
     sold or manufactured; or
       ``(B) the perfection or enforcement of a judgment or order 
     referred to in subparagraph (A) against property of the 
     estate or property of the debtor.''.
                                 ______
                                 

                      FEINSTEIN AMENDMENT NO. 3572

  (Ordered to lie on the table.)
  Mrs. FEINSTEIN submitted an amendment intended to be proposed by her 
to the bill, S. 1301, supra; as follows:

       At the appropriate place, insert the following:

     SEC. __. HIGH DEBT-TO-INCOME RATIO CREDIT.

       (a) Amendments to the Truth in Lending Act.--The Truth in 
     Lending Act (15 U.S.C. 1601 et seq.) is amended by inserting 
     after section 109 the following:

     ``SEC. 110. HIGH DEBT-TO-INCOME RATIO CREDIT.

       ``(a) Definitions.--For purposes of this section--
       ``(1) the term `high debt-to-income ratio credit' means an 
     extension of credit in which the total required monthly 
     payments on consumer credit obligations of the consumer 
     (other than residential mortgage obligations, including any 
     refinancing thereof), together with any amount anticipated to 
     be advanced by the creditor within 30 days after the date on 
     which the extension of credit is made, is greater than 40 
     percent of the monthly gross income of the consumer; and

[[Page S10244]]

       ``(2) the required monthly payment on a credit card 
     obligation shall be calculated as 8 percent of the total 
     principal balance or the minimum payment then due with 
     respect to the obligation, whichever is greater.
       ``(b) Duty To Inquire.--A creditor that extends credit 
     under an open end credit plan after soliciting the consumer 
     in any manner shall, prior to extending credit, obtain a 
     written statement signed by the consumer, in such form as the 
     Board shall prescribe, that sets forth the information 
     necessary to calculate whether the extension of credit being 
     made is high debt-to-income ratio credit. A creditor may rely 
     on such statement in making the designation provided for 
     under subsection (c), if such reliance is reasonable in light 
     of any other information that the creditor has concerning the 
     financial circumstances of the consumer.
       ``(c) Designation of Extension of Credit as High Debt-to-
     Income Ratio Credit.--An extension of high debt-to-income 
     ratio credit, as defined in subsection (a), shall be 
     designated as such by the creditor.
       ``(d) Special Requirements for High Debt-to-Income Ratio 
     Credit.--A creditor that extends high debt-to-income ratio 
     credit to a consumer shall--
       ``(1) not later than 3 business days prior to making any 
     such credit available to the consumer--
       ``(A) provide information to the consumer, in a form 
     prescribed by the Board, concerning the risks and 
     consequences of becoming overextended on credit; and
       ``(B) inform the consumer that the extension of credit has 
     been designated as high debt-to-income ratio credit; and
       ``(2) annually compile and make available to the public for 
     inspection and copying, in a manner prescribed by the Board, 
     the number of extensions of high debt-to-income ratio credit 
     made by the creditor, the median interest rate charged by the 
     creditor on such credit, and the total amount of such credit 
     offered and extended by the creditor.
       ``(e) Prohibition of Penalty Rates.--A creditor may not 
     raise the interest rate charged on high debt-to-income ratio 
     credit based on a default by the obligor.
       ``(f) Minimum Payments on High Debt-to-Income Ratio 
     Credit.--A creditor that extends high debt-to-income ratio 
     credit, or its assignees, may not offer to the obligor the 
     option of making monthly minimum payments with regard to the 
     obligation that cover less than 4 percent of the total 
     outstanding balance, together with interest then due, at any 
     time during the period of the obligation.
       ``(g) Penalties.--A creditor that fails to comply with this 
     section shall be liable to the consumer for statutory damages 
     of $2,000, actual damages, and costs, including attorney 
     fees.''.
       (b) Treatment Under Bankruptcy Law.--
       (1) Exceptions to discharge.--Section 523(a) of title 11, 
     United States Code, as amended by section 202, is amended by 
     adding at the end the following flush sentence:
     ``The exception under subparagraphs (A) and (C) of paragraph 
     (2) shall not apply to any claim made by a creditor in 
     connection with an extension of high debt-to-income ratio 
     credit, as defined in section 110 of the Truth in Lending 
     Act.''.
       (2) Interest.--Section 502(b) of title 11, United States 
     Code, as amended by section 206 of this Act, is amended--
       (A) in paragraph (9), by striking ``or'' at the end;
       (B) in paragraph (10), by striking the period at the end 
     and inserting ``; or''; and
       (C) by adding at the end the following:
       ``(11) the claim is a claim for interest on an extension of 
     high debt-to-income ratio credit, as defined in section 110 
     of the Truth in Lending Act, in any case in which the court 
     finds that--
       ``(A) the extension of high debt-to-income ratio credit 
     contributed to the need for the debtor to file for relief 
     under this title; or
       ``(B) the payment of that claim would reduce the payments 
     to other unsecured creditors.''.
       (3) Dismissal.--Section 707(b) of title 11, United States 
     Code, as amended by section 102 of this Act, is amended by 
     adding at the end the following:
       ``(6) A party in interest may not make a motion under this 
     section if that party in interest has filed a claim against 
     the debtor that is based on an extension of high debt-to-
     income ratio credit, as defined in section 110 of the Truth 
     in Lending Act.''.
       (c) Clerical Amendment.--The table of sections for chapter 
     1 of title I of the Consumer Credit Protection Act (15 U.S.C. 
     1601 et seq.) is amended by inserting after the item relating 
     to section 109, the following:

``Sec. 110. High debt-to-income ratio credit.''.
                                 ______
                                 

                      FEINSTEIN AMENDMENT NO. 3573

  (Ordered to lie on the table.)
  Mrs. FEINSTEIN submitted an amendment intended to be proposed by her 
to amendment No. 3559 submitted by Mr. Grassley to the bill, S. 1301, 
supra; as follows:

       At the appropriate place in title VII, insert the 
     following:

                   SEC. 7__. CURBING ABUSIVE FILINGS.

       (a) In General.--Section 362(d) of title 11, United States 
     Code, is amended--
       (1) in paragraph (2), by striking ``or'' at the end;
       (2) in paragraph (3), by striking the period at the end and 
     inserting ``; or''; and
       (3) by adding at the end the following:
       ``(4) with respect to a stay of an act against real 
     property under subsection (a), by a creditor whose claim is 
     secured by an interest in such real estate, if the court 
     finds that the filing of the bankruptcy petition was part of 
     a scheme to delay, hinder, and defraud creditors that 
     involved either--
       ``(A) transfer of all or part ownership of, or other 
     interest in, the real property without the consent of the 
     secured creditor or court approval; or
       ``(B) multiple bankruptcy filings affecting the real 
     property.
     If recorded in compliance with applicable State laws 
     governing notices of interests or liens in real property, an 
     order entered pursuant to this subsection shall be binding in 
     any other case under this title purporting to affect the real 
     property filed not later than 2 years after that recording, 
     except that a debtor in a subsequent case may move for relief 
     from such order based upon changed circumstances or for good 
     cause shown, after notice and a hearing.''.
       (b) Automatic Stay.--Section 362(b) of title 11, United 
     States Code, as amended by section 709, is amended--
       (1) in paragraph (24), by striking ``or'' at the end;
       (2) in paragraph (25) by striking the period at the end and 
     inserting ``; or''; and
       (3) by adding at the end the following:
       ``(26) under subsection (a) of this section, of any act to 
     enforce any lien against or security interest in real 
     property following the entry of an order under section 
     362(d)(4) as to that property in any prior bankruptcy case 
     for a period of 2 years after entry of such an order. The 
     debtor in a subsequent case, however, may move the court for 
     relief from such order based upon changed circumstances or 
     for other good cause shown, after notice and a hearing; or
       ``(27) under subsection (a) of this section, of any act to 
     enforce any lien against or security interest in real 
     property--
       ``(A) if the debtor is ineligible under section 109(g) to 
     be a debtor in a bankruptcy case; or
       ``(B) if the bankruptcy case was filed in violation of a 
     bankruptcy court order in a prior bankruptcy case prohibiting 
     the debtor from being a debtor in another bankruptcy case.''.
                                 ______
                                 

                     DODD AMENDMENTS NOS. 3574-3575

  (Ordered to lie on the table)
  Mr. DODD submitted two amendments intended to be proposed by him to 
amendment No. 3559 to proposed by Mr. Grassley to the bill, S. 1301, 
supra; as follows:

                           Amendment No. 3574

       Strike section 417 and insert the following:

               SEC. 417. IMPROVED BANKRUPTCY PROCEDURES.

       (a) In General.--Section 707(b) of title 11, United States 
     Code, as amended by section 102, is amended by adding at the 
     end the following:
       ``(6) For purposes of determining the current income of a 
     debtor under this subsection, funds received by the debtor's 
     household as child support payments, foster care payments, or 
     disability payments for a dependent child made in accordance 
     with applicable Federal, State, and local law, and funds 
     delivered in trust for the care and welfare of children shall 
     not be counted as income.''.
       (b) Household goods.--Section 101(27A) of title 11, United 
     States Code, as added by section 317, is amended by striking 
     ``of a dependent child'' and inserting ``of the debtor or a 
     dependent child of the debtor (including property that is 
     reasonably necessary for the maintenance or support of a 
     dependent child of the debtor or property generally used by 
     children) of a value of less than $400''.
       (c) Protection of Savings Earmarked for the Postsecondary 
     Education of Children.--Section 541(b) of title 11, United 
     States Code, is amended--
       (1) in paragraph (4), by inserting ``365 or'' before 
     ``542'';
       (2) in paragraph (5), by striking the period at the end and 
     inserting ``; or''; and
       (3) by inserting after paragraph (5) the following:
       ``(6) any funds placed in an account established to pay for 
     the costs of postsecondary education at an institution of 
     higher education (as that term is used in section 481(a)(1) 
     of the Higher Education Act of 1965 (20 U.S.C. 1088(a)(1)) of 
     a child who is under the age of 18 years at the time the 
     account is established, if those funds are held in that 
     account for a period beginning not later than 180 days before 
     the date of entry of the order and continuing through the 
     date of entry of the order.''.
       (d) Credit Extensions.--The amendments made by section 316 
     of this Act shall apply to debts incurred on or after the 
     date of enactment of this Act.
                                  ____


                           Amendment No. 3575

       At the appropriate place, insert the following new section:

          SEC. __. EXTENSIONS OF CREDIT TO UNDERAGE CONSUMERS.

       (a) In General.--Section 127(c) of the Truth in Lending Act 
     (15 U.S.C. 1637(c)) is amended--
       (1) by redesignating paragraph (5) as paragraph (6); and
       (2) by inserting after paragraph (4) the following:

[[Page S10245]]

       ``(5) Applications from underage consumers.--
       ``(A) Prohibition on issuance.--No credit card may be 
     issued to, or open end credit plan established on behalf of, 
     a consumer who has not reached the age of 21 unless the 
     consumer has submitted a written application to the card 
     issuer that meets the requirements of subparagraph (B).
       ``(B) Application requirements.--An application to open a 
     credit card account by an individual who has not reached the 
     age of 21 as of the date of submission of the application 
     shall require--
       ``(i) the signature of the parent or guardian of the 
     consumer indicating joint liability for debts incurred by the 
     consumer in connection with the account before the consumer 
     has reached the age of 21; or
       ``(ii) submission by the consumer of financial information 
     indicating an independent means of repaying any obligation 
     arising from the proposed extension of credit in connection 
     with the account.''.
       (b) Regulatory Authority.--The Board of Governors of the 
     Federal Reserve System may issue such rules or publish such 
     model forms as it considers necessary to carry out section 
     127(c)(5) of the Truth in Lending Act, as amended by this 
     section.
                                 ______
                                 

                        GRAMM AMENDMENT NO. 3576

  (Ordered to lie on the table.)
  Mr. GRAMM submitted an amendment intended to be proposed by him to 
the bill, S. 1301, supra; as follows:

       Amendment 3559 is amended by striking section 320 and 
     inserting in lieu thereof the following:

     ``SEC. 320. LIMITATION.

       ``Section 522 of title 11, United States Code, is amended--
       ``(1) in subsection (b)(2)(A), by inserting ``subject to 
     subsection (n),'' before ``any property''; and
       ``(2) by adding at the end the following new subsection:
       `` ``(n)(1) Except as provided in paragraph (2), as a 
     result of electing under subsection (b)(2)(A) to exempt 
     property under State or local law, a debtor may not exempt 
     any amount of interest that exceeds in the aggregate--
       (i) $100,000 in value for interest invested during the 
     preceeding 12-month period, or
       (ii) $1,000,000 in value for interest invested during the 
     period beginning 24 months prior to the preceeding 12-month 
     period
       `` ``(A) in real or personal property that the debtor or 
     dependent of the debtor uses as a residence;
       `` ``(B) in a cooperative that owns property that the 
     debtor or a dependent of the debtor uses as a residence; or
       `` ``(C) in a burial plot for the debtor of a dependent of 
     the debtor.
       `` ``(2) The limitation under paragraph (1) shall not apply 
     to an exemption claimed under subsection (b)(2)(A) by a 
     family farmer for the principal residence of that 
     farmer.''.''.
                                 ______
                                 

                      BROWNBACK AMENDMENT NO. 3577

  (Ordered to lie on the table.)
  Mr. BROWNBACK submitted an amendment intended to be proposed by him 
to amendment No. 3559 proposed by Mr. Grassley to the bill, S. 1301, 
supra; as follows:

       Strike section 320 and insert the following:

     SEC. 320. LIMITATION.

       Section 522 of title 11, United States Code, is amended--
       (1) in subsection (b)(2)(A), by inserting ``subject to 
     subsection (n),'' before ``any property''; and
       (2) by adding at the end the following:
       ``(n)(1) Except as provided in paragraph (2), as a result 
     of electing under subsection (b)(2)(A) to exempt property 
     under State or local law, a debtor may not exempt any amount 
     of interest that exceeds in the aggregate $100,000 in value 
     in--
       ``(A) real or personal property that the debtor or a 
     dependent of the debtor uses as a residence;
       ``(B) a cooperative that owns property that the debtor or a 
     dependent of the debtor uses as a residence; or
       ``(C) a burial plot for the debtor or a dependent of the 
     debtor.
       ``(2) The limitation under paragraph (1) shall not apply to 
     an exemption claimed under subsection (b)(2)(A)--
       ``(A) by a family farmer for the principal residence of 
     that family farmer, without regard to whether the principal 
     residence is covered under an applicable homestead provision 
     referred to in subparagraph (B); or
       ``(B) by a farmer (including, for purposes of this 
     subparagraph, a family farmer and any person that is 
     considered to be a farmer under applicable State law) for a 
     site at which a farming operation of that farmer is carried 
     out (including the principal residence of that farmer), if 
     that site is covered under an applicable homestead provision 
     that exempts that site under a State constitution or 
     statute.''.

                          ____________________