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TO AMEND SECTION 15-41-30 OF THE 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 ONE HUNDRED FIFTY THOUSAND DOLLARS AND TO PROVIDE THAT THE EXCEPTION FOR THE AGGREGATE VALUE OF MULTIPLE HOMESTEAD EXEMPTIONS NOT EXCEED THREE HUNDRED THOUSAND DOLLARS.
Be it enacted by the General Assembly of the State of South Carolina:
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.
SECTION 2. Section 15-41-30(1) of the 1976 Code is amended to read:
"(1) The debtor's aggregate interest, not to exceed five thousand one hundred 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 ten thousand three 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 ten thousand three hundred thousand dollars."
SECTION 2. This act takes effect upon approval by the Governor.
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