Requires distribution of Fund payments to members of the proposed class in the following amounts:
to each living former hostage, $6,750 for each day of captivity;
to the estate of each deceased former hostage, $6,750 for each day of captivity;
to each spouse (who is also a member of the identified class) of a former hostage, $600,000, or to the estate of such spouse who is deceased, $600,000; and
to each child (who is also a member of the identified class) of a former hostage, $600,000, or to the estate of such child who is deceased, $600,000.
Specifies the order of payment distribution.
Prohibits a payment recipient from maintaining an action against Iran in any federal or state court for any claims relating to the hostage events. Deems waived and forever released all existing claims against Iran for those events upon payment from the Fund to all designated recipients.
Requires the Department of State to submit recommendations to Congress if Fund amounts will be insufficient to pay all recipients within 444 days after enactment of this Act.