Section 1. Short title
This Act may be cited as the Furthering Asbestos Claim Transparency Act of 2012 or the FACT Act.
Section 2. Amendments
Section 524(g) of title 11, the United States Code, is amended by adding at the end the following:
(8) A trust described in paragraph (2)(B)(i) shall—
(A) not later than 60 days after the end of each quarter, file with the bankruptcy court (which shall make the report available on the public docket of the court) and the United States Trustee a report that, for the quarter covered by the report—
(i) describes each demand the trust received from a claimant, which—
(I) shall include the name and exposure history of the claimant and the basis for any payment from the trust made to such claimant; and
(II) shall not include any confidential medical record or the claimant’s full social security number; and
(B) upon written request, provide in a timely manner any information relating to payment from, and demands for payment from, the trust, subject to appropriate protective orders, to any party to any action in law or equity if the subject of the action concerns liability for asbestos exposure.
(a) Effective date
Except as provided in subsection (b), this Act and the amendments made by this Act shall take effect on the date of enactment of this Act.
(b) Application of amendments
The amendments made by this Act shall apply with respect to any matter under title 11 of the United States Code filed before, on, or after the date of enactment of this Act.