Senate File 2301 - Enrolled

PAG LIN



  1  1                                              SENATE FILE 2301
  1  2
  1  3                             AN ACT
  1  4 RELATING TO EXEMPTIONS FOR CERTAIN PERSONAL PROPERTY FROM
  1  5    EXECUTION BY CREDITORS IN STATE COURT DEBT COLLECTION AND
  1  6    FEDERAL BANKRUPTCY ACTIONS.
  1  7
  1  8 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  1  9
  1 10    Section 1.  Section 627.6, subsections 1, 5, 9, and 13,
  1 11 Code 2005, are amended to read as follows:
  1 12    1.  All wearing apparel of the debtor and the debtor's
  1 13 dependents kept for actual use and the trunks or other
  1 14 receptacles necessary for the wearing apparel, not to exceed
  1 15 in value one thousand dollars in the aggregate.  In addition,
  1 16 the The debtor's interest in:
  1 17    a.  any Any wedding or engagement ring owned and or
  1 18 received by the debtor or the debtor's dependents on or before
  1 19 the date of marriage.  However, any interest acquired in one
  1 20 or more wedding or engagement rings owned or received by the
  1 21 debtor or the debtor's dependents after the date of marriage
  1 22 and within two years of the date the execution is issued or an
  1 23 exemption is claimed shall not exceed a value equal to seven
  1 24 thousand dollars in the aggregate minus the amount claimed by
  1 25 the debtor for any other jewelry claimed in paragraph "b".
  1 26    b.  All jewelry of the debtor and the debtor's dependents
  1 27 owned or received by the debtor or the debtor's dependents,
  1 28 not to exceed in value two thousand dollars in the aggregate.
  1 29    5.  The debtor's interest in all wearing apparel of the
  1 30 debtor and the debtor's dependents kept for actual use and the
  1 31 trunks or other receptacles necessary for the wearing apparel,
  1 32 musical instruments, household furnishings, and household
  1 33 goods and which include, but are not limited to, appliances,
  1 34 radios, television sets, record or tape playing machines,
  1 35 compact disc players, satellite dishes, cable television
  2  1 equipment, computers, software, printers, digital video disc
  2  2 players, video players, and cameras held primarily for the
  2  3 personal, family, or household use of the debtor or a
  2  4 dependent of the debtor and the debtor's dependents, not to
  2  5 exceed in value two seven thousand dollars in the aggregate.
  2  6    9.  Any combination of the following, not to exceed a value
  2  7 of five thousand dollars in the aggregate The debtor's
  2  8 interest in the following:
  2  9    a.  Musical instruments, not including radios, television
  2 10 sets, or record or tape playing machines, held primarily for
  2 11 the personal, family, or household use of the debtor or a
  2 12 dependent of the debtor.
  2 13    b.  One motor vehicle, not to exceed in value seven
  2 14 thousand dollars in the aggregate.
  2 15    c.  b.  In the event of a bankruptcy proceeding, the
  2 16 debtor's interest in accrued wages and in state and federal
  2 17 tax refunds as of the date of filing of the petition in
  2 18 bankruptcy, not to exceed one thousand dollars in the
  2 19 aggregate.  This exemption is in addition to the limitations
  2 20 contained in sections 642.21 and 537.5105.
  2 21    13.  The debtor's interest, not to exceed one hundred
  2 22 thousand dollars in the aggregate, in any cash on hand, bank
  2 23 deposits, credit union share drafts, or other deposits,
  2 24 wherever situated, or other personal property not otherwise
  2 25 specifically provided for in this chapter.
  2 26    Sec. 2.  Section 627.6, Code 2005, is amended by adding the
  2 27 following new subsection:
  2 28    NEW SUBSECTION.  15.  The debtor's interest in payments
  2 29 reasonably necessary for the support of the debtor or the
  2 30 debtor's dependents to or for the benefit of the debtor or the
  2 31 debtor's dependents, including structured settlements,
  2 32 resulting from the wrongful death of a decedent upon which the
  2 33 debtor or the debtor's dependents were dependent.
  2 34
  2 35
  3  1                                                             
  3  2                               JEFFREY M. LAMBERTI
  3  3                               President of the Senate
  3  4
  3  5
  3  6                                                             
  3  7                               CHRISTOPHER C. RANTS
  3  8                               Speaker of the House
  3  9
  3 10    I hereby certify that this bill originated in the Senate and
  3 11 is known as Senate File 2301, Eighty=first General Assembly.
  3 12
  3 13
  3 14                                                             
  3 15                               MICHAEL E. MARSHALL
  3 16                               Secretary of the Senate
  3 17 Approved                , 2006
  3 18
  3 19
  3 20                                
  3 21 THOMAS J. VILSACK
  3 22 Governor