[Congressional Record Volume 146, Number 3 (Wednesday, January 26, 2000)]
[Senate]
[Page S63]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                BANKRUPTCY REFORM ACT OF 1999--Continued


               Amendments Nos. 2651 and 2517, As Modified

  The PRESIDING OFFICER. The Senator from Iowa.
  Mr. GRASSLEY. Madam President, I would like to clear some amendments. 
Senator Leahy is ready to do this. I ask unanimous consent that 
amendments Nos. 2651 and 2517, both of which have been modified, be 
adopted en bloc in their modified form and that the motion to 
reconsider be laid upon the table.
  The PRESIDING OFFICER. Is there objection?
  Mr. LEAHY. Madam President, I have no objection. I note that this 
makes 39 amendments the distinguished chairman and those of us on this 
side have been able to clear.
  Mr. GRASSLEY. Yes. We now only have 9 amendments remaining from the 
200 or 300 we started with back in late October. That is quite an 
accomplishment, and I thank the Senator for his cooperation.
  The PRESIDING OFFICER. The amendments are agreed to.
  The amendments (Nos. 2651 and 2517), as modified, were agreed to, as 
follows:


                           amendment no. 2651

       At the appropriate place in the bill, insert the following 
     new section:

     SEC.  . PROPERTY NO LONGER SUBJECT TO REDEMPTION.

       (a) Section 541(b) of title 11 of the United States Code is 
     amended by adding at the end the following--
       ``(6) 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, 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) 
     of this title.''
                                  ____



                           Amendment No. 2517

       At the appropriate place insert the following:

     SEC.  . AVAILABILITY OF TOLL-FREE ACCESS TO INFORMATION.

       Section 127(b)(11) of the Truth in Lending Act (15 U.S.C. 
     1637(b)), added by this Act, is amended by adding at the end 
     the following:
       ``(K) A creditor that maintains a toll-free telephone 
     number for the purpose of providing customers with the actual 
     number of months that it will take to repay an outstanding 
     balance shall include the following statement on each billing 
     statement: `Making only the minimum payment will increase the 
     interest you pay and the time it takes to repay your balance. 
     For more information, call this toll-free number: 
     __________.'.''.

  Mr. LEAHY. Madam President, I say further to my good friend from 
Iowa, we have served here for decades together. We were faced with what 
looked to be an impossible task when it began because of the number of 
amendments. I note for the record that the distinguished Senator dealt 
with this side in good faith. We were able, as a result, I think, to 
put the Senate in a position now where we are within range of being 
able to have a final vote, and the Senate will work its will either for 
or against the bill. We will actually be able to do that. It is because 
Senators on both sides of the aisle dealt with each other in good faith 
and got rid of a lot of amendments that we knew would go nowhere 
anyway. The Senator from Iowa and I have been able to accept 39 
amendments. I think that is good progress, and I extend my appreciation 
to him.
  Mr. GRASSLEY. I thank the Senator from Vermont and yield the floor.
  The PRESIDING OFFICER. The Senator from Pennsylvania.

                          ____________________