Undercharge Equity Act of 1992

Undercharge Equity Act of 1992 - Amends Federal transportation law to authorize persons against whom a claim is made by a motor carrier of property (other than household goods carrier) or by a nonhousehold goods freight forwarder for the collection of rates or charges in addition to the rates or charges originally collected by such carrier or freight forwarder to elect to satisfy such claim pursuant to a specified formula upon showing that: (1) the carrier or forwarder is no longer transporting property or is transporting property for the purpose of avoiding application of this Act; and (2) with respect to such claim, the person was offered a rate or charge other than the one legally on file with the Interstate Commerce Commission (ICC), the person tendered freight to the carrier or forwarder in reasonable reliance upon the offered transportation rate or charge, the carrier or forwarder did not properly or timely file with the ICC a tariff providing for such rate or charge or failed to execute a valid contract for transportation services, such rate or charge was collected by the carrier or forwarder, and the carrier or forwarder demands additional payment of a higher rate or charge filed in a tariff.

Requires disputes regarding the aforementioned to be resolved by the court in which such claim is filed or by the ICC. Requires the additional rate or charge for shipments to be adjusted by reducing it by specified percentages in calendar years 1985 through 1991.

Permits the person against whom a claim is made to elect to satisfy it: (1) by paying 20 percent of the difference between the additional legally applicable tariff rate or charge and the one originally billed and collected if the shipment weighed 10,000 pounds or less; or (2), if shipment weighed over 10,000 pounds, by paying ten percent of that difference. Deems satisfied any claim against a small business concern, exempting it from any requirement to pay.

Requires the person against whom a claim is made to notify the carrier or forwarder as to the person's election to have such claim resolved by the court in which it is filed or by the ICC.

Requires the ICC to require the person challenging a rate to furnish a surety bond or establish an interest bearing escrow account in a certain amount.

Shortens the statute of limitations for the filing of claims: (1) by a motor common carrier for recovery of transportation or service charges; and (2) by a person to recover overcharges by a motor carrier. Decreases the limitation period for both kinds of claims from 36 months to: (1) 24 months for claim accruals during the year following enactment of this Act; and (2) 18 months for claim accruals on or after one year following enactment.

Permits motor carriers and shippers to resolve by mutual consent, subject to ICC review and approval, any overcharge and undercharge claims resulting from billing errors or incorrect tariff provisions arising from the inadvertent failure to properly and timely file and maintain agreed upon rates, rules, or classifications.