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Indicates Matter Stricken
Indicates New Matter
Sponsors: Reps. Clemmons and Norrell
Document Path: l:\council\bills\bh\7081ahb17.docx
Introduced in the House on January 11, 2017
Introduced in the Senate on February 21, 2017
Last Amended on May 9, 2017
Passed by the General Assembly on May 10, 2017
Governor's Action: May 19, 2017, Signed
Summary: Bankruptcy exemptions
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 1/11/2017 House Introduced and read first time (House Journal-page 40) 1/11/2017 House Referred to Committee on Judiciary (House Journal-page 40) 2/8/2017 House Committee report: Favorable with amendment Judiciary (House Journal-page 17) 2/14/2017 House Amended (House Journal-page 7) 2/14/2017 House Read second time (House Journal-page 7) 2/14/2017 House Roll call Yeas-98 Nays-3 (House Journal-page 10) 2/15/2017 Scrivener's error corrected 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 with amendment Judiciary (Senate Journal-page 15) 5/5/2017 Scrivener's error corrected 5/9/2017 Senate Committee Amendment Adopted (Senate Journal-page 49) 5/9/2017 Senate Read second time (Senate Journal-page 49) 5/9/2017 Senate Roll call Ayes-35 Nays-3 (Senate Journal-page 49) 5/10/2017 Scrivener's error corrected 5/10/2017 Senate Read third time and returned to House with amendments (Senate Journal-page 40) 5/10/2017 House Concurred in Senate amendment and enrolled (House Journal-page 87) 5/10/2017 House Roll call Yeas-100 Nays-0 (House Journal-page 87) 5/15/2017 Ratified R 104 5/19/2017 Signed By Governor 5/25/2017 Effective date 5/19/17
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VERSIONS OF THIS BILL
NOTE: THIS IS A TEMPORARY VERSION. THIS DOCUMENT WILL REMAIN IN THIS VERSION UNTIL FINAL APPROVAL BY THE LEGISLATIVE COUNCIL.
AN ACT TO AMEND SECTION 15-41-30, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY EXEMPT FROM BANKRUPTCY PROCEEDINGS OR ATTACHMENT, LEVY, AND SALE, SO AS TO REVISE EXEMPTIONS IN BANKRUPTCY.
Be it enacted by the General Assembly of the State of South Carolina:
Bankruptcy, exemptions revised
SECTION 1. Section 15-41-30(A) of the 1976 Code, as last amended by Act 153 of 2012, is further amended to read:
"(A) The following real and personal property of a debtor domiciled in this State is exempt from attachment, levy, and sale under any mesne or final process issued by a court or bankruptcy proceeding:
(1)(a) 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.
(b) In addition to the aggregate interest as provided in subsection (A)(1)(a), a surviving spouse may also exempt the aggregate interest to which the surviving spouse succeeded by inheritance, testamentary transfer, or nonprobate transfer on the death of the decedent spouse, not to exceed fifty thousand dollars. For purposes of this subsection, a surviving spouse means a spouse married to the decedent at the time of death, who is entitled to the homestead property tax exemption as provided in Section 12-37-250, who has not remarried, and who is living in the residence or cooperative that is used as a residence.
(2) The debtor's interest, not to exceed five thousand dollars in value, in one motor vehicle.
(3) The debtor's interest, not to exceed four thousand dollars in aggregate value in household furnishings, household goods, wearing apparel, appliances, books, animals, crops, or musical instruments, that are held primarily for the personal, family, or household use of the debtor or a dependent of the debtor.
(4) The debtor's aggregate interest, not to exceed one thousand dollars in value, in jewelry held primarily for the personal, family, or household use of the debtor or a dependent of the debtor.
(5) The debtor's aggregate interest in cash and other liquid assets to the extent of a value not exceeding five thousand dollars, except that this exemption is available only to an individual who does not claim a homestead exemption. The term 'liquid assets' includes deposits, securities, notes, drafts, unpaid earnings not otherwise exempt, accrued vacation pay, refunds, prepayments, and other receivables.
(6) The debtor's aggregate interest, not to exceed one thousand five hundred dollars in value, in any implements, professional books, or tools of the trade of the debtor or the trade of a dependent of the debtor.
(7) The debtor's aggregate interest in any property, not to exceed five thousand dollars in value of an unused exemption amount to which the debtor is entitled pursuant to subsection (A), items (1) through (6).
(8) Any unmatured life insurance contract owned by the debtor, other than a credit life insurance contract.
(9) The debtor's aggregate interest, not to exceed in value four thousand dollars less any amount of property of the estate transferred in the manner specified in Section 542(d) of the Bankruptcy Code of 1978, in any accrued dividend or interest under, or loan value of, any unmatured life insurance contract owned by the debtor under which the insured is the debtor or an individual of whom the debtor is a dependent.
(10) Professionally prescribed health aids for the debtor or a dependent of the debtor.
(11) The debtor's right to receive or property that is traceable to:
(a) a social security benefit, unemployment compensation, or a local public assistance benefit;
(b) a veteran's benefit;
(c) a disability benefit, except as provided in Section 15-41-33, or an illness or unemployment benefit;
(d) alimony, support, or separate maintenance; or
(e) a payment under a stock bonus, pension, profit sharing, annuity, or similar plan or contract on account of illness, disability, death, age, or length of service, unless:
(i) the plan or contract was established by or under the auspices of an insider that employed the debtor at the time the debtor's rights under the plan or contract arose;
(ii) the payment is on account of age or length of service; and
(iii) the plan or contract does not qualify under Sections 401(a), 403(a), 403(b), or 409 of the Internal Revenue Code of 1954 (26 U.S.C. 401(a), 403(a), 403(b), or 409).
(12) The debtor's right to receive or property that is traceable to:
(a) an award under a crime victim's reparation law;
(b) a payment on account of the bodily injury of the debtor or of the wrongful death or bodily injury of another individual of whom the debtor was or is a dependent; or
(c) a payment under a life insurance contract that insured the life of an individual of whom the debtor was a dependent on the date of that individual's death, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor.
(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 to the same extent permitted in Section 522(d) under federal bankruptcy law 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.
(14) The debtor's interest in a pension plan qualified under the Employee Retirement Income Security Act of 1974, as amended.
(15) The debtor's aggregate interest, not to exceed three thousand dollars in value in any rifle, shotgun, pistol, or any combination not to exceed three firearms."
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.
This web page was last updated on May 25, 2017 at 1:43 PM