South Carolina General Assembly
122nd Session, 2017-2018

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Indicates Matter Stricken
Indicates New Matter

R96, H3176

STATUS INFORMATION

General Bill
Sponsors: Reps. Clemmons, Daning, Pitts and Norrell
Document Path: l:\council\bills\bbm\9518ahb17.docx
Companion/Similar bill(s): 3413, 4002

Introduced in the House on January 10, 2017
Introduced in the Senate on February 21, 2017
Passed by the General Assembly on May 9, 2017
Governor's Action: May 19, 2017, Signed

Summary: Individual retirement accounts

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
  12/15/2016  House   Prefiled
  12/15/2016  House   Referred to Committee on Judiciary
   1/10/2017  House   Introduced and read first time (House Journal-page 103)
   1/10/2017  House   Referred to Committee on Judiciary 
                        (House Journal-page 103)
   1/11/2017  House   Member(s) request name added as sponsor: Daning 
                        (House Journal-page 45)
   1/26/2017  House   Member(s) request name added as sponsor: Pitts
    2/8/2017  House   Committee report: Favorable Judiciary 
                        (House Journal-page 17)
    2/9/2017  House   Member(s) request name added as sponsor: Norrell
   2/14/2017  House   Read second time (House Journal-page 11)
   2/14/2017  House   Roll call Yeas-101  Nays-1 (House Journal-page 12)
   2/16/2017  House   Read third time and sent to Senate 
                        (House Journal-page 28)
   2/21/2017  Senate  Introduced and read first time (Senate Journal-page 14)
   2/21/2017  Senate  Referred to Committee on Judiciary 
                        (Senate Journal-page 14)
    4/4/2017  Senate  Referred to Subcommittee: Turner (ch), Malloy, Kimpson, 
                        Climer, Goldfinch
    5/3/2017  Senate  Committee report: Favorable Judiciary 
                        (Senate Journal-page 12)
    5/8/2017  Senate  Read second time (Senate Journal-page 22)
    5/8/2017  Senate  Roll call Ayes-40  Nays-0 (Senate Journal-page 22)
    5/9/2017  Senate  Read third time and enrolled (Senate Journal-page 10)
   5/15/2017          Ratified R 96
   5/19/2017          Signed By Governor
   5/25/2017          Effective date 5/19/17

View the latest legislative information at the website

VERSIONS OF THIS BILL

12/15/2016
2/8/2017
5/3/2017

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

NOTE: THIS IS A TEMPORARY VERSION. THIS DOCUMENT WILL REMAIN IN THIS VERSION UNTIL FINAL APPROVAL BY THE LEGISLATIVE COUNCIL.

(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. -- S.

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This web page was last updated on May 25, 2017 at 1:41 PM