DEBTOR RETENTION OF PERSONAL PROPERTY SECURITY.

SEC. 304. DEBTOR RETENTION OF PERSONAL PROPERTY SECURITY. Title 11, United States Code, is amended—(1) in section 521(a), as so designated by section 106—(A) in paragraph (4), by striking “, and” at the end and inserting a semicolon;(B) in paragraph (5), by striking the period at the end and inserting “; and”; and(C) by adding at the end the following: “(6) in a case under chapter 7 of this title in which the debtor is an individual, not retain possession of personal property as to which a creditor has an allowed claim for the purchase price secured in whole or in part by an interest in such personal property unless the debtor, not later than 45 days after the first meeting of creditors under section 341(a), either—“(A) enters into an agreement with the creditor pursuant to section 524(c) with respect to the claim secured by such property; or119 STAT. 79“(B) redeems such property from the security interest pursuant to section 722.If the debtor fails to so act within the 45-day period referred to in paragraph (6), the stay under section 362(a) is terminated with respect to the personal property of the estate or of the debtor which is affected, such property shall no longer be property of the estate, and the creditor may take whatever action as to such property as is permitted by applicable nonbankruptcy law, unless the court determines on the motion of the trustee filed before the expiration of such 45-day period, and after notice and a hearing, that such property is of consequential value or benefit to the estate, orders appropriate adequate protection of the creditor’s interest, and orders the debtor to deliver any collateral in the debtor’s possession to the trustee.”; and(2) in section 722, by inserting “in full at the time of redemption” before the period at the end.