PROPERTY NO LONGER SUBJECT TO REDEMPTION.

SEC. 1230. PROPERTY NO LONGER SUBJECT TO REDEMPTION. Section 541(b) of title 11, United States Code, as amended by sections 225 and 323, is amended by adding after paragraph (7), as added by section 323, the following:“(8) subject to subchapter III of chapter 5, 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 given by a person licensed under law to make such loans or advances, 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); or”.