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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.

This web page was last updated on Friday, December 4, 2009 at 3:32 P.M.