Bill Text: CA SB832 | 2019-2020 | Regular Session | Amended
Bill Title: Debtor exemptions: homestead exemption.
Spectrum: Committee Bill
Status: (Engrossed - Dead) 2020-08-31 - Ordered to third reading. [SB832 Detail]
Download: California-2019-SB832-Amended.html
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Amended
IN
Assembly
August 28, 2020 |
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Amended
IN
Assembly
August 27, 2020 |
CALIFORNIA LEGISLATURE—
2019–2020 REGULAR SESSION
Senate Bill
No. 832
| Introduced by Committee on Budget and Fiscal Review |
January 10, 2020 |
An act to amend Section 704.730 of the Code of Civil Procedure, relating to enforcement of judgments, and making an appropriation therefor, to take effect immediately, bill related to the budget. judgments.
LEGISLATIVE COUNSEL'S DIGEST
SB 832, as amended, Committee on Budget and Fiscal Review.
Debtor exemptions: homestead exemption.
Existing law provides that a specified portion of equity in a homestead, as defined, is exempt from execution to satisfy a judgment debt and prescribes that the amount of the homestead exemption is either $75,000, $100,000, or $175,000, depending on certain characteristics of the homestead’s residents.
This bill would instead make the homestead exemption the greater of $300,000 or the countywide median sale price of a single-family home in the calendar year prior to the calendar year in which the judgment debtor claims the exemption, not to exceed $600,000. These amounts would adjust annually for inflation.
The bill would appropriate $50,000 from the General Fund to the Judicial Council in support of the Equal Access Fund Program.
This bill would declare that it is to take effect immediately as a bill providing for appropriations related to the Budget Bill.
Digest Key
Vote: MAJORITY Appropriation:Bill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 704.730 of the Code of Civil Procedure is amended to read:704.730.
(a) The amount of the homestead exemption is the greater of the following:(1) The countywide median sale price for a single-family home in the calendar year prior to the calendar year in which the judgment debtor claims the exemption, not to exceed six hundred thousand dollars ($600,000).
(2) Three hundred thousand dollars ($300,000).
(b) The amounts specified in
this section shall adjust annually for inflation, beginning on January 1, 2022, based on the change in the annual California Consumer Price Index for All Urban Consumers, Consumers for the prior fiscal year, published by the Department of Industrial Relations.
The sum of fifty thousand dollars ($50,000) is hereby appropriated from the General Fund to the Judicial Council in support of the Equal Access Fund Program.
This act is a bill providing for appropriations related to the Budget Bill within the meaning of subdivision (e) of Section 12 of Article IV of the California Constitution, has been identified as related to the budget in the Budget Bill, and shall take effect immediately.
