Sec. 204. Determination of eligibility for compensation
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A claimant may file a claim for compensation under this title with the Special Master. The claim shall— be on the form developed under paragraph (2); state the factual basis, as certified by the claimant, for eligibility for compensation and the amount of compensation sought; and provide evidence that corroborates the eligibility of the claimant for compensation and the amount of compensation sought. The Special Master shall— develop a claim form that claimants shall use when submitting claims under paragraph (1); and ensure that the form developed under clause
(i)can be filed electronically. The form developed under subparagraph
(A)shall request information relating to the claim of the claimant, including information relating to— economic loss that the claimant suffered as a result of the discharge under section 101 of the debt of the Commonwealth of Puerto Rico and the instrumentalities of the Commonwealth of Puerto Rico; collateral source compensation the claimant has received, or is entitled to receive, as a result of the discharge described in clause (i); and availability of financial guaranty insurance coverage to indemnify the claimant. A claim submitted on the form developed under subparagraph
(A)shall— be submitted under penalty of perjury; and include an attestation by the claimant that the claimant has not willfully attempted to evade or defeat the eligibility restrictions described in subsection (c). The Special Master shall review a claim submitted under subsection
(a)and determine— whether the claimant is an eligible person under subsection (c); with respect to a claimant determined to be an eligible person under subsections (c)(2)(A) and (c)(3)— the extent of the economic loss to the claimant; and the amount of compensation to which the claimant is entitled based on the economic losses to the claimant, the facts of the claim, and the individual circumstances of the claimant, including— the strength of the ties to the Commonwealth of Puerto Rico, as defined in regulations promulgated under section 206, of the claimant; the financial need, as defined in regulations promulgated under section 206, of the claimant; the price at which the claimant obtained that claim against the Commonwealth of Puerto Rico or the instrumentality of the Commonwealth of Puerto Rico; and the date on which the claimant obtained the claim against the Commonwealth of Puerto Rico or the instrumentality of the Commonwealth of Puerto Rico; and with respect to a claimant determined to be an eligible person under subsection (c)(2)(B) and (c)(3)— the extent of the economic loss to the claimant; and the amount of compensation to which the claimant is entitled based on the economic loss to the claimant, the facts of the claim, and the individual circumstances of the claimant, including— the financial need, as defined in regulations promulgated under section 206, of the claimant; the price at which the claimant obtained that claim against the Commonwealth of Puerto Rico or the instrumentality of the Commonwealth of Puerto Rico; and the date on which the claimant obtained the claim against the Commonwealth of Puerto Rico or the instrumentality of the Commonwealth of Puerto Rico. Not later than 120 days after the date on which a claim is determined to be substantially complete by the Special Master, the Special Master shall complete a review, make a determination, and provide written notice to the claimant, with respect to the matters that were the subject of the claim under review. Such a determination shall be final and not subject to judicial review. Before the date on which a determination described in subparagraph
(A)is made, a claimant in a review under paragraph
(1)shall have the right to an in-person hearing conducted by the Special Master. A claimant in a review under paragraph
(1)may waive the right to a hearing described in clause (i). The Special Master shall reduce the amount of compensation determined under paragraph
(2)by the amount of collateral source compensation. A claimant shall be determined to be an eligible person for purposes of this subsection if the Special Master determines that such claimant— is a person described in paragraph (2); and meets the requirements of paragraph (3). A claimant is a person described in this subparagraph if the claimant is— a natural person who— was domiciled in the Commonwealth of Puerto Rico and was a citizen or lawful permanent resident of the United States on September 20, 2017, regardless of whether that natural person was physically present in the Commonwealth of Puerto Rico at that time; is a beneficial owner of a security issued by the Commonwealth of Puerto Rico or an instrumentality of the Commonwealth of Puerto Rico; and became a beneficial owner of the security described in item
(bb)not later than September 20, 2017; a bank or credit union that did business solely in the Commonwealth of Puerto Rico on September 20, 2017; a worker association or workplace association in the Commonwealth of Puerto Rico; a Puerto Rico public pension plan; a business, of which the principal place of business was in the Commonwealth of Puerto Rico on September 20, 2017; or subject to clause (ii), any other person that the Special Master determines is an eligible person. A claimant is not a person described in this subparagraph if the claimant is— an ineligible investment company; a financial guaranty insurer; as defined in section 101 of title 11, United States Code— a party to a master netting agreement; a party to a repurchase agreement; or a party to a swap agreement; any other financial institution with total consolidated assets greater than $2,000,000,000; a person that owns a share in an unregistered investment fund that owns a security issued by the Commonwealth of Puerto Rico or an instrumentality of the Commonwealth of Puerto Rico; a person that acquired a claim against the Commonwealth of Puerto Rico or an instrumentality of the Commonwealth of Puerto Rico during the period beginning on the date that is 180 days before the date of a discharge under section 101, unless that claim was acquired through devise, descent, or a divorce settlement; the Special Master; or any other person that the Special Master determines is not an eligible person. A claimant is a person described in this subparagraph if the claimant was not domiciled in the Commonwealth of Puerto Rico on September 20, 2017, and the claimant is— a worker association or workplace association; a pension plan; a natural person who— is a beneficial owner of a security issued by the Commonwealth of Puerto Rico or an instrumentality of the Commonwealth of Puerto Rico; and became a beneficial owner of that security not later than September 20, 2017; subject to clause (iii), an open-end mutual fund; or subject to clause (ii), any other person that the Special Master determines is an eligible person. A claimant is not a person described in this subparagraph if the claimant was not domiciled in the Commonwealth of Puerto Rico on September 20, 2017, and the claimant is— an ineligible investment company; a closed-end company, as defined in section 5 of the Investment Company Act of 1940 ( 15 U.S.C. 80a–5 ); a financial guaranty insurer; as defined in section 101 of title 11, United States Code— a party to a master netting agreement; a party to a repurchase agreement; or a party to a swap agreement; any other financial institution with total consolidated assets greater than $2,000,000,000; a person that owns a share in an unregistered investment fund that owns a security issued by the Commonwealth of Puerto Rico or an instrumentality of the Commonwealth of Puerto Rico; a person that acquired a claim against the Commonwealth of Puerto Rico or an instrumentality of the Commonwealth of Puerto Rico during the period beginning on the date that is 180 days before the date of a discharge under section 101, unless that claim was acquired through devise, descent, or a divorce settlement; the Special Master; or any other person that the Special Master determines is not an eligible person. A claimant that is an open-end mutual fund is not an eligible person described in this subparagraph unless the manager of that open-end mutual fund pledges to waive the fee of that manager for any compensation the open-end mutual fund receives under this title. A person that is beneficial owner of a security issued by the Commonwealth of Puerto Rico or an instrumentality of the Commonwealth of Puerto Rico may file a claim under subsection
(a)if the person, as of the date on which the claim is filed— has continuously held that security during the period beginning on September 19, 2017, and ending on the date on which the claim is filed; and the claim is submitted not later than 180 days after the date of a discharge of the debt of the Commonwealth of Puerto Rico and the instrumentalities of the Commonwealth of Puerto Rico under section 101. A claimant may not receive compensation under this title if that claimant is not determined to be an eligible person under this subsection. A claimant may not receive compensation under this title that exceeds the amount of the claim filed by the claimant under subsection (a), or seek or receive compensation for a debt described in section 2(5)(B)(ii), which— shall not be discharged; and shall be repaid in full as provided by section 101(b). In the case of a claim that was assigned to a claimant, the claimant may not receive compensation under this title for that claim that exceeds the amount paid by the claimant for the assignment of that claim.
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- 15 USC 80a–5
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Sec. 204
Determination of eligibility for compensation
Cite15 USC 80a–5
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