H*3176(Rat #0096, Act #0063 of 2017)  General Bill, By Clemmons, Daning, Pitts and 
Norrell

Similar(H 3413, H 4002)
 AN ACT TO AMEND SECTION 15-41-30, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA,
 1976, RELATING TO AN INDIVIDUAL RETIREMENT ACCOUNT BEING EXEMPT FROM
 ATTACHMENT, LEVY, AND SALE, SO AS TO DELETE THE PROVISION THAT THE EXEMPTION
 APPLIES ONLY TO THE EXTENT THAT IS PERMITTED IN SECTION 522(d) OF THE FEDERAL
 BANKRUPTCY CODE. - ratified title

   12/15/16  House  Prefiled
   12/15/16  House  Referred to Committee on Judiciary
   01/10/17  House  Introduced and read first time (House Journal-page 103)
   01/10/17  House  Referred to Committee on Judiciary
                     (House Journal-page 103)
   01/11/17  House  Member(s) request name added as sponsor: Daning
                     (House Journal-page 45)
   01/26/17  House  Member(s) request name added as sponsor: Pitts
   02/08/17  House  Committee report: Favorable Judiciary
                     (House Journal-page 17)
   02/09/17  House  Member(s) request name added as sponsor: Norrell
   02/14/17  House  Read second time (House Journal-page 11)
   02/14/17  House  Roll call Yeas-101  Nays-1 (House Journal-page 12)
   02/16/17  House  Read third time and sent to Senate
                     (House Journal-page 28)
   02/21/17  Senate Introduced and read first time (Senate Journal-page 14)
   02/21/17  Senate Referred to Committee on Judiciary
                     (Senate Journal-page 14)
   04/04/17  Senate Referred to Subcommittee: Turner (ch), Malloy,
                     Kimpson, Climer, Goldfinch
   05/03/17  Senate Committee report: Favorable Judiciary
                     (Senate Journal-page 12)
   05/08/17  Senate Read second time (Senate Journal-page 22)
   05/08/17  Senate Roll call Ayes-40  Nays-0 (Senate Journal-page 22)
   05/09/17  Senate Read third time and enrolled (Senate Journal-page 10)
   05/15/17         Ratified R 96
   05/19/17         Signed By Governor
   05/25/17         Effective date 5/19/17
   05/31/17         Act No. 63

H. 3176

(A63, R96, H3176)

AN ACT TO AMEND SECTION 15-41-30, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO AN INDIVIDUAL RETIREMENT ACCOUNT BEING EXEMPT FROM ATTACHMENT, LEVY, AND SALE, SO AS TO DELETE THE PROVISION THAT THE EXEMPTION APPLIES ONLY TO THE EXTENT THAT IS PERMITTED IN SECTION 522(d) OF THE FEDERAL BANKRUPTCY CODE.

Be it enacted by the General Assembly of the State of South Carolina:

Individual retirement accounts, federal bankruptcy law qualification deleted

SECTION    1.    Section 15-41-30(A)(13) of the 1976 Code, as last amended by Act 153 of 2012, is further amended to read:

"(13)    The debtor's right to receive individual retirement accounts as described in Sections 408(a) and 408A of the Internal Revenue Code, individual retirement annuities as described in Section 408(b) of the Internal Revenue Code, and accounts established as part of a trust described in Section 408(c) of the Internal Revenue Code. A claimed exemption may be reduced or eliminated by the amount of a fraudulent conveyance into the individual retirement account or other plan. For purposes of this item, 'Internal Revenue Code' has the meaning provided in Section 12-6-40(A). The interest of an individual under a retirement plan shall be exempt from creditor process and is an exception to Section 15-41-35. The exemption provided by this section shall be available whether such individual has an interest in the retirement plan as a participant, beneficiary, contingent annuitant, alternate payee, or otherwise."

Time effective

SECTION    2.    This act takes effect upon approval by the Governor.

Ratified the 15th day of May, 2017.

Approved the 19th day of May, 2017.