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COMMITTEE REPORT
May 10, 2006
S. 862
Introduced by Senators Cleary, Ford, Hutto, Knotts, Malloy, Cromer, Drummond, Setzler, Land, Short, Scott, Bryant, Anderson, Elliott and Williams
S. Printed 5/10/06--H.
Read the first time April 6, 2006.
To whom was referred a Bill (S. 862) 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, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
JAMES H. HARRISON for Committee.
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 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 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 ten thousand 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."
SECTION 3. This act takes effect upon approval by the Governor.
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