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A300, R300, S862
STATUS INFORMATION
General Bill
Sponsors: Senators Cleary, Ford, Hutto, Knotts, Malloy, Cromer, Drummond, Setzler, Land, Short, Scott, Bryant, Anderson, Elliott and Williams
Document Path: l:\s-jud\bills\cleary\jud0094.rec.doc
Introduced in the Senate on May 18, 2005
Introduced in the House on April 6, 2006
Last Amended on April 4, 2006
Passed by the General Assembly on May 12, 2006
Became law without Governor's signature, May 25, 2006
Summary: Debtor's interest
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 5/18/2005 Senate Introduced and read first time SJ-3 5/18/2005 Senate Referred to Committee on Judiciary SJ-3 6/7/2005 Senate Referred to Subcommittee: Gregory (ch), Elliott, Anderson, Ritchie, Cleary 3/29/2006 Senate Committee report: Favorable with amendment Judiciary SJ-10 4/4/2006 Senate Amended SJ-35 4/4/2006 Senate Read second time SJ-35 4/5/2006 Senate Read third time and sent to House SJ-28 4/6/2006 House Introduced and read first time HJ-7 4/6/2006 House Referred to Committee on Judiciary HJ-8 5/10/2006 House Committee report: Favorable Judiciary HJ-6 5/11/2006 House Read second time HJ-17 5/11/2006 House Unanimous consent for third reading on next legislative day HJ-18 5/12/2006 House Read third time and enrolled HJ-2 5/18/2006 Ratified R 300 5/25/2006 Became law without Governor's signature 5/31/2006 Copies available 5/31/2006 Effective date 05/25/06 6/8/2006 Act No. 300
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
5/18/2005
3/29/2006
4/4/2006
5/10/2006
(A300, R300, S862)
AN ACT TO AMEND SECTION 15-41-30, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY EXEMPT FROM ATTACHMENT, LEVY, AND SALE, SO AS TO PROVIDE THAT THE EXEMPTION GRANTED TO A DEBTOR'S INTEREST IN PROPERTY USED AS A DEBTOR'S RESIDENCE DOES NOT EXCEED FIFTY THOUSAND DOLLARS, TO PROVIDE THAT THE EXCEPTION FOR THE AGGREGATE VALUE OF MULTIPLE HOMESTEAD EXEMPTIONS NOT EXCEED ONE HUNDRED THOUSAND DOLLARS, AND TO PROVIDE FOR THE MANNER IN WHICH THE ABOVE DOLLAR AMOUNTS SHALL BE ADJUSTED ANNUALLY TO REFLECT THE CHANGE IN THE CONSUMER PRICE INDEX.
Be it enacted by the General Assembly of the State of South Carolina:
Citation
SECTION 1. This act may be cited as the "Home Security Act". It is the intent of the General Assembly, because of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, to offer to the citizens of South Carolina protection for their homes in the event that financial difficulties, such as military deployment or extreme medical emergencies, occur for which bankruptcy filing may be the only available remedy.
Exemptions increased; adjustments
SECTION 2. Section 15-41-30(1) of the 1976 Code is amended to read:
"(1) The debtor's aggregate interest, not to exceed fifty thousand dollars in value, in real property or personal property that the debtor or a dependent of the debtor uses as a residence, in a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence, or in a burial plot for the debtor or a dependent of the debtor, except that the aggregate value of multiple homestead exemptions allowable with respect to a single living unit may not exceed one hundred thousand dollars. If there are multiple owners of such a living unit exempt as a homestead, the value of the exemption of each individual owner may not exceed his fractional portion of one hundred thousand dollars. Beginning on July 1, 2007, and each year thereafter, each dollar amount in subsection (1) of this section, immediately before July first, shall be adjusted to reflect the change in the Southeastern Consumer Price Index, All Urban Consumers, as published by the Department of Labor, Bureau of Labor Statistics, for the most recent year ending immediately before January first preceding July first, and to round to the nearest twenty-five dollars the dollar amount that represents this change. No later than March first of each year, the Economic Research Section of the Office of Research and Statistics of the Budget and Control Board shall publish in the State Register the dollar amounts that will become effective on each July first."
Time effective
SECTION 3. This act takes effect upon approval by the Governor.
Ratified the 18th day of May, 2006.
Became law without the signature of the Governor -- 5/25/06.
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