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Oklahoma House Bill HB1995

Oklahoma 2024 Regular Session

Oklahoma House Bill HB1995 Compare Versions

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2828 STATE OF OKLAHOMA
2929
3030 1st Session of the 59th Legislature (2023)
3131
3232 HOUSE BILL 1995 By: Dollens
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3838 AS INTRODUCED
3939
4040 An Act relating to medical debt; ordering a
4141 legislative referendum pursuant to the Oklahoma
4242 Constitution; creating the Oklahoma Protection from
4343 Predatory Debt Collection Act; providing exemptions
4444 from attachments for med ical debt; defining terms;
4545 providing for rates of interest for loans or
4646 indebtedness and interest on judgments ; providing for
4747 conflicts with federal law ; providing for
4848 severability; providing ballot title; and direc ting
4949 filing.
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5454 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
5555 SECTION 1. Pursuant to Section 3 of Article V of the Oklahoma
5656 Constitution, there is hereby ordered the following legi slative
5757 referendum which shall be filed with the Secretary of State and
5858 addressed to the Governor of the state, who shall submit the same to
5959 the people for their approval or rejection at the General Election,
6060 to be held on November 5th, 2024.
6161 SECTION 2. NEW LAW A new section of law to be codified
6262 in the Oklahoma Statutes as Section 370 of Title 56, unless there is
6363 created a duplication in number ing, reads as follows:
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9090 This act shall be known and may be cited as "Oklahoma Protection
9191 from Predatory Debt Collection Act ".
9292 SECTION 3. NEW LAW A new section of law to be codified
9393 in the Oklahoma Statutes as Section 371 of Title 56, unless there is
9494 created a duplication in numbering, reads as follows:
9595 A. Any person the eighteen (18) years of age or over, married
9696 or single, who resides within the state may hold as a homes tead
9797 exempt from attachment, execution and forced s ale, not exceeding
9898 Four Hundred Thousand Dollars ($400,000.00) in value, any one of the
9999 following:
100100 1. The person's interest in real property in one compact body
101101 upon which exists a dwelling house in which the person resides;
102102 2. The person's interest in one condominium or cooperative in
103103 which the person resides;
104104 3. A mobile home in which the person resid es; or
105105 4. A mobile home in which the person resides plus the land upon
106106 which that mobile home is locat ed.
107107 B. Only the homestead exemption may be held by a married couple
108108 or a single person under this section. The value as specified in
109109 this section refers to the equity of a single person or married
110110 couple. If a married couple lived together in a dwelling house, a
111111 condominium or cooperative , a mobile home or a mobile home plus land
112112 on which the mobile home is located and are then divorced, the total
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139139 exemption allowed for that residence to either or both persons shall
140140 not exceed Four Hundred Thousand Dollar s ($400,000.00).
141141 C. The homestead exemption, not exceeding the value provided
142142 for in subsection A of this section, automatically attaches to the
143143 person's interest in identifiable cash proceeds from the voluntary
144144 or involuntary sale of the property. The homestead exemption in
145145 identifiable cash proceeds continues for eightee n (18) months after
146146 the date of the sale of the property or until the person establ ishes
147147 a new homestead with the proceeds, whichever period is shorter.
148148 Only one homestead exemption at a time may be held by a person under
149149 this section.
150150 D. The homestead exempti on provided by this section shall be
151151 adjusted annually on January 1, 202 5, and on January 1 of each
152152 successive year, by the increase in the cost of living. The
153153 increase in the cost of living shall be measured by the percentage
154154 increase as of August of the immediately preceding year over the
155155 level as of August of the previous year of the Consumer Price Index
156156 (all urban consumers, United States city average for all items) , or
157157 its successor index as published by the United States Department of
158158 Labor or its successor agency, with the amount of the exemption
159159 rounded to the nearest One Hundred Dollars ($100.00).
160160 SECTION 4. NEW LAW A new section of law to be codifie d
161161 in the Oklahoma Statutes as Section 372 of Title 56, unless there is
162162 created a duplication in numbering, reads as follows:
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189189 A. Household furniture and furnishings, household goods,
190190 including consumer electronic devices, and household appliances
191191 personally used by the debtor or a dependent of the debtor and not
192192 otherwise specifically prescribed in this chapter are exempt from
193193 process provided their aggreg ate fair market value does not exceed
194194 Fifteen Thousand Dollars ($15,000.00).
195195 B. The exemption provided by this section shall be adjusted
196196 annually on January 1, 2025, and on January 1 of each s uccessive
197197 year, by the increase in the cost of living. The increase in the
198198 cost of living shall be measured by the per centage increase as of
199199 August of the immediately preceding year over the level as of Augus t
200200 of the previous year of the Consumer Price Index (all urban
201201 consumers, United States city average for all it ems), or its
202202 successor index as published by the United States Department of
203203 Labor or its successor agency, with the amount of the exemption
204204 rounded to the nearest One Hundred Dollars ($100.00).
205205 SECTION 5. NEW LAW A new section of l aw to be codified
206206 in the Oklahoma Statutes as Section 373 of Title 56, unless there is
207207 created a duplication in numbering, reads as follows:
208208 A. The following property of a debtor used primarily for
209209 personal, family or household purposes is exempt from pro cess:
210210 1. All apparel of not more than a fair market value of Five
211211 Hundred Dollars ($500.00) ;
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238238 2. All musical instruments p rovided for the debtor 's individual
239239 or family use of not more than an aggregate fair market value of
240240 Four Hundred Dollars ($400.00) ;
241241 3. Horses, milk cows, and poultry of not more than an aggregat e
242242 fair market value of One Hundred Thous and Dollars ($100,000.00);
243243 4. All engagement and w edding rings of not more than an
244244 aggregate fair market value of Two Thousand Dollars ($2,00 0.00);
245245 5. The library of a debtor including books, manuals, published
246246 materials and personal documents of not mor e than an aggregate fair
247247 market value of Two Hundred Fifty Dollars ($250.00).
248248 6. One watch of not more than a n aggregate fair market value of
249249 Two Hundred Fifty Dollars ($250.00).
250250 7. One typewriter, one computer, one bicyc le, one sewing
251251 machine, a family Bible or a lot in any burial ground of not more
252252 than an aggregate fair market value o f Two Thousand Dollars
253253 ($2,000.00);
254254 8. Equity in one motor vehicle of not more than Fifteen
255255 Thousand Dollars ($15,000.00). If the debtor or debtor's dependent
256256 has a physical disability, the equity in the motor vehicle shall not
257257 exceed Twenty-five Thousand Dollars ($25,000. 00);
258258 9. Professionally prescribed prostheses for the debtor or a
259259 dependent of the debtor, including a wheelc hair or motorized
260260 mobility device;
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287287 10. All firearms of not more than an aggregate fair market
288288 value of Two Thousand Dollars ($2,000.00) ; and
289289 11. All domestic animals or household pets.
290290 B. These exemptions shall be adjusted annually on January 1,
291291 2025, and on January 1 of each s uccessive year, by the increase in
292292 the cost of living. The increase in the cost of living shall be
293293 measured by the percentage increase as of August of the immediately
294294 preceding year over the level as of August of the previous year of
295295 the Consumer Price Index (all urban consumers, United States city
296296 average for all items), or its successor index as published by the
297297 United States Department of Labor or its successor agency , with the
298298 amount of the exemption r ounded to the nearest One Hundred Dollars
299299 ($100.00).
300300 SECTION 6. NEW LAW A ne w section of law to be codified
301301 in the Oklahoma Statutes as Section 374 of Title 56, unless there is
302302 created a duplication in numbering, reads as follows:
303303 A. The following property of a debtor is exempt from execution,
304304 attachment or sale on any process is sued from any court:
305305 1. All money received by or payable to a surviving spous e or
306306 child on the life of a de ceased spouse, parent or legal guardian,
307307 not exceeding Twenty Thou sand Dollars ($20,000.00);
308308 2. The earnings of a minor child of a debtor o r the proceeds of
309309 these earnings by reason of any liability of the debtor not
310310 contracted for the special benefit of the minor chil d;
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337337 3. All money received by or payable to a per son entitled to
338338 receive child support or spousal mainte nance pursuant to a court
339339 order;
340340 4. All money, proceeds or benefits of any kind to be paid in a
341341 lump sum or to be rendered on a periodic or installment basis to the
342342 insured or any beneficiary under a ny policy of health, accident or
343343 disability insurance or any similar plan or program of benefits in
344344 use by any employer, except for premiums payable on the policy or
345345 debt of the insured secured by a pledge, an d except for collection
346346 of any debt or obligati on for which the insured or beneficiary has
347347 been paid under the plan or policy; and except for payment of amount
348348 ordered for support of a person from proceeds and benefits furnished
349349 in lieu of earnings that would have been subject to that order and
350350 subject to any exemption applicable to earnings so replaced ;
351351 5. All money arising from any cl aim for the destruction of, or
352352 damage to, exempt property and all proceeds or benefits of any kind
353353 arising from fire or ot her insurance on any property exempt under
354354 this article;
355355 6. The cash surrender value of life insurance policies where
356356 for a continuous unexpired period of two (2) years the policies have
357357 been owned by a debtor. The policy shall have na med as beneficiary
358358 the debtor's surviving spouse, child , parent, brother, or sister.
359359 The policy may have named as beneficiary any other family member wh o
360360 is a dependent, in the proportion that the policy names any such
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387387 beneficiary, except that, subject to the statute of lim itations, the
388388 amount of any premium that is recovera ble or avoidable by a creditor
389389 pursuant to the Uniform Fraudulent Transfer Act of the Oklahoma
390390 Statutes, with interest thereon, is not exempt. The exemption
391391 provided by this paragraph does not apply to a claim for the payment
392392 of a debt of the insured or beneficiary that is secured by a pledge
393393 or assignment of the cash value of the insurance policy or the
394394 proceeds of the policy. For the purposes of this paragraph,
395395 "dependent" means a family member who is dependent on the insured
396396 debtor for not less than half support ;
397397 7. An annuity contract where for a con tinuous unexpired period
398398 of two (2) years that contract has been owned by a debtor and has
399399 named as beneficiary the debtor, the debtor's surviving spouse,
400400 child, parent, brother, or sister, or any other dependent family
401401 member, except that, subject to the statute of limitatio ns, the
402402 amount of any premium, payment or deposit w ith respect to that
403403 contract is recoverable or avoidable by a creditor pursuant to the
404404 Uniform Fraudulent Transfer Act of the Oklahoma Statute s, is not
405405 exempt. The exemption provided b y this paragraph does not apply to
406406 a claim for the payment of a debt of the annuitant or beneficiary
407407 that is secured by a pledge or assignment of the con tract or its
408408 proceeds. For the purposes of this paragraph, "dependent" means a
409409 family member who is de pendent on the debtor for not less than half
410410 support;
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437437 8. Any claim for damages recoverable by any person by any
438438 reason of any levy on or sale under exec ution of that person 's
439439 exempt personal property or by reason of the wrongful taking or
440440 detention of that property by any person, and the judgment recovered
441441 for damages;
442442 9. A total of Five Thou sand Dollars ($5,000.00) held in a
443443 single account in any one fi nancial institution as defined by
444444 Section 102 of Title 6 of the Oklahoma Statutes . The property
445445 declared exempt by this paragraph is n ot exempt from normal service
446446 charges assessed against the account by the financial institution a t
447447 which the account is carried. This exemption shall be adjusted
448448 annually on January 1, 202 5, and on January 1 of each s uccessive
449449 year, by the increase in the cost of living. The increase in the
450450 cost of living shall be measured by the percentage increase as of
451451 August of the immediately preceding year over the level as of August
452452 of the previous year of the Consumer Price Index (all urban
453453 consumers, United State s city average for all items), or its
454454 successor index as publi shed by the United States Department of
455455 Labor or its successor agency, with the amount of the exemption
456456 rounded to the nearest one hundred dollars ;
457457 10. An interest in a college savings plan und er Section 529 of
458458 the United States Internal Revenue Code of 1986, either as the owner
459459 or as the beneficiary. This does not include money contributed to
460460 the plan within two (2) years before a debtor file s for bankruptcy.
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487487 B. Any money or other assets payable to a participant in or
488488 beneficiary of, or any interest of any pa rticipant or beneficiary
489489 in, a retirement plan unde r Section 401(a), 403(a), 403(b), 408,
490490 408A, or 409 or a deferred compensation plan under Section 457 of
491491 the United States Internal Revenue Code of 1986, as amended, whether
492492 the beneficiary's interest arises by inheritance, designation,
493493 appointment, or otherwise, is exempt from all claims of creditors of
494494 the beneficiary or participant. This subsection does n ot apply to
495495 any of the following :
496496 1. An alternate payee under a qualified domestic relations
497497 order, as defined in Section 414(p) of the United States Internal
498498 Revenue Code of 1986, as amended . The interest of any and all
499499 alternate payees is exempt from an y and all claims of any creditor
500500 of the alternate payee;
501501 2. Amounts contributed within one hundred twenty days before
502502 debtor files for bankruptcy ; and
503503 3. The assets of bankruptcy proceedings f iled before July 1,
504504 1987.
505505 C. Any person eighteen (18) years o f age or over, married or
506506 single, who resides within this state and who does not exercise the
507507 homestead exemption may claim as a personal property homestead
508508 exempt from all process prepaid rent, including security deposits as
509509 provided in Section 115 of Title 41 of the Oklahoma S tatutes, for
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536536 the claimant's residence, not exceeding Tw o Thousand Dollars
537537 ($2,000.00).
538538 D. This section does not exempt property f rom orders that are
539539 the result of a judgment for arrearages of child support or for a
540540 child support debt.
541541 SECTION 7. NEW LAW A new section of law to be codif ied
542542 in the Oklahoma Stat utes as Section 375 of Title 56, unless there is
543543 created a duplication in numbering, reads as follows:
544544 A. For the purposes of this section, "disposable earnings"
545545 means the remaining portion of a debtor's wages, salary or
546546 compensation for his or her personal services, including bonuses and
547547 commissions, or otherwise, and includ es payments pursuant to a
548548 pension or retirement program or deferred compensation plan, after
549549 deducting from such e arnings those amounts required b y law to be
550550 withheld.
551551 B. Except as provided in subsection C of this Section, the
552552 maximum part of the disposable earnings of a debtor for any workweek
553553 that is subject to process ma y not exceed ten percent (10%) of
554554 disposable earnings for that week or the amount by which disposable
555555 earnings for that week exceed sixt y (60) times the applicable
556556 minimum hourly wage in effect at the time the earnings are pa yable,
557557 whichever is less. The applicable minimum wage is the minimum wage
558558 required by federal, state, or local law, whiche ver is highest.
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585585 C. The exemptions provided i n subsection B of this Section do
586586 not apply in the case of any order for the support of any person.
587587 In such case, one-half (1/2) of the disposable earnings of a d ebtor
588588 for any pay period is exempt from process.
589589 D. The exemptions provided in this section do not apply in the
590590 case of any order of any court of bankruptcy und er chapter XIII of
591591 the Federal Bankruptcy Act or any debt due f or any state or federal
592592 tax.
593593 SECTION 8. NEW LAW A new section of law to b e codified
594594 in the Oklahoma Statutes as Sectio n 376 of Title 56, unless there is
595595 created a duplication in numbering, reads as follows:
596596 A. Interest on any loan, indebtedness or other obligatio n shall
597597 be as follows:
598598 1. Interest on medical debt shall be limited to the rate of
599599 interest equal to the weekly average 1-year constant maturity
600600 treasury yield, as published by the Board of Governors of the
601601 Federal Reserve System, for the calendar week pr eceding the date
602602 when the consumer was firs t provided with a bill, but shall not be
603603 more than three percent (3%) per annum. The maximum rate of
604604 interest provided here shall also apply to any judgments on medical
605605 debt; and
606606 2. Interest on any loan, indebtedness or obligation other than
607607 medical debt shall be at the rate of ten percent (10%) per annum,
608608 unless a different rate is contracted for in writing, in which event
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635635 any rate of interest may be agreed to. Interest on any judgment,
636636 other than judgments on medical debt, that is based on a wr itten
637637 agreement evidencing a loan, indebtedness or obli gation that bears a
638638 rate of interest not in excess of the maximum permitted by law shall
639639 be at the rate of inte rest provided in the ag reement and shall be
640640 specified in the judgment.
641641 B. Unless specifically provided for in statute or a different
642642 rate is contracted for in wr iting, interest on any judgment other
643643 than judgments on medical debt shall be at the lesser of ten per cent
644644 (10%) per annum or at a rate per annum tha t is equal to one percent
645645 (1%) plus the prime rate as published by the Board of Governors of
646646 the Federal Reserve System in statistical release H.15 or any
647647 publication that may supersede it on the date that the judgment is
648648 entered. The judgment shall state the applicable interest rate and
649649 it shall not change after it is entered.
650650 C. Interest on a judgment on a condemna tion proceeding shall be
651651 payable as follows:
652652 1. If instituted by a city or town the rate shall be calculated
653653 for each month or portion of a month that interest is owed and shall
654654 be either:
655655 a. the prime rate charged by banks on short -term business
656656 loans as determined for publication in the bulletin of
657657 the Board of Governors of the Federal Reserve System ,
658658 as of the first day of that month ,
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685685 b. in the absence of a determination by the Board of
686686 Governors of the Federal Reserve System , calculated in
687687 the same manner based on comparable data as determined
688688 by the United States Department of Commerce, Bureau of
689689 Economic Analysis, for publication in "Survey of
690690 Current Business", or
691691 c. if the prime rate can not be determined from
692692 publication as provided in subparagraph b of this
693693 paragraph, determined by a federal agency that is
694694 annually designated by the governing body of the city
695695 or town and that makes and publishes data sufficient
696696 to determine the prime rate of interest.
697697 2. If instituted by a county the rate shall be calcul ated for
698698 each month or portion of a month that interest is owed and shall be
699699 either:
700700 a. the prime rate charged by banks on short -term business
701701 loans as determined for publication in the bulletin of
702702 the Board of Governors of the Federal Reserve System ,
703703 as of the first day of that month,
704704 b. in the absence of a d etermination by the Board of
705705 Governors of the Federal Reserve System , calculated in
706706 the same manner based on comparable data as determined
707707 by the United States Department of Commerce, Bureau of
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734734 Economic Analysis, for publication in "Survey of
735735 Current Business", or
736736 c. if the prime rate cannot be determin ed from
737737 publication as provided in subparagraph b of this
738738 paragraph, determined by a federal agency that is
739739 annually designated by the board of superviso rs and
740740 that makes and publish es data sufficient to determine
741741 the prime rate of interest.
742742 3. If instituted by the Department of Transportation the rate
743743 shall be calculated for each month or portion of a month that
744744 interest is owed and shall be either :
745745 a. the prime rate charged by ban ks on short-term business
746746 loans as determined for publication in the bullet in of
747747 the Board of Governors of the Federal Reserve System,
748748 as of the first day of that month ,
749749 b. in the absence of a determination by the Board of
750750 Governors of the Federal Reserve System , calculated in
751751 the same manner based on comparable data as determine d
752752 by the United States Department of Commerce, Bureau of
753753 Economic Analysis, for publication in "Survey of
754754 Current Business", or
755755 c. if the prime rate cannot be determined from
756756 publication as provided in subparagraph b of the
757757 paragraph, determined by a feder al agency that is
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784784 annually designated by the board and that makes and
785785 publishes data sufficient to determine the prime rate
786786 of interest.
787787 4. If instituted by a county flood contr ol district, a power
788788 district or an agricultural improvement dis trict the rate shall be
789789 calculated for each mo nth or portion of a month that interest is
790790 owed and shall be either:
791791 a. the prime rate charged by banks on short -term business
792792 loans as determined for publication in the bulletin of
793793 the Board of Governors of the Federal Reserve System,
794794 as of the first day of that month,
795795 b. in the absence of a determination by the Board of
796796 Governors of the Federal Reserve System , calculated in
797797 the same manner based on comparable data a s determined
798798 by the United States Department of Commerce, Bureau of
799799 Economic Analysis, for publication in "Survey of
800800 Current Business", or
801801 c. if the prime rate cannot be determined from
802802 publication as provided in subparagraph b of this
803803 paragraph, determined by a federal agency that is
804804 annually designated by the re spective district and
805805 that makes and publishes data sufficient to determine
806806 the prime rate of interest.
807807 D. A court shall not award either of the followi ng:
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834834 1. Prejudgment interest for any unliquid ated, future, punitive
835835 or exemplary damages that are found by the trier of fact ; or
836836 2. Interest for any future, punitive or exemplary damages that
837837 are found by the trie r of fact.
838838 E. For the purposes of subsect ion D of this section, "future
839839 damages" means damages that will be incurred after the date of the
840840 judgment and includes the costs of an y injunctive or equitable
841841 relief that will be provided after the date of the judgment.
842842 F. If awarded, prejudgment intere st shall be at the rate
843843 described in subsection A or B of this section.
844844 G. For the purposes of this se ction:
845845 1. "Health care services" means services provided at or by any
846846 of the following: health care institutions as defined in Section 22
847847 of Title 36 of the Oklahoma Statutes ; private offices or clinics of
848848 health care providers licenses under Title 59 of the Oklahoma
849849 Statutes; and ambulances or ambulance services as d efined in Section
850850 1-2503 of Title 63 of the Oklahoma Statutes ; and
851851 2. "Medical Debt" means a loan, indebtedness or other
852852 obligation arising directly from the receipt of health care serv ices
853853 or of medical products or devices .
854854 SECTION 9. NEW LAW A new section of law to be codified
855855 in the Oklahoma Statutes as Section 377 of Title 56, unless there is
856856 created a duplication in numbering, reads as follows:
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883883 This act shall not be interpreted or applied so as t o create any
884884 power or duty in conflict with federal law.
885885 SECTION 10. NEW LAW A new section of law to be codified
886886 in the Oklahoma Statutes as Section 378 of Title 56, unless there is
887887 created a duplication in numbering, reads as follow s:
888888 If a provision of this act or its application to any person or
889889 circumstance is held invalid, the invalidity does not affect other
890890 provisions or applications of the act that can be given effect
891891 without the invalid provision or application, and to this e nd the
892892 provisions of this act are severable.
893893 SECTION 11. NEW LAW A new se ction of law to be codifie d
894894 in the Oklahoma Statutes as Section 379 of Title 56, unless there is
895895 created a duplication in numbering, reads as follows:
896896 This act applies prospectively only. Accordingly, it does not
897897 affect rights and duti es that matured before the effective date of
898898 this act, contracts en tered into before the effective date of this
899899 act, or the interest rate on judgments that are based on a written
900900 agreement entered into before the effective date of this act.
901901 SECTION 12. NEW LAW A new section of l aw to be codified
902902 in the Oklahoma Statutes as Section 380 of Title 56, unless there is
903903 created a duplication in numbering, reads as fol lows:
904904 The People of Oklahoma desire that this initiative, if approved
905905 by the voters, be defended if it is c hallenged in court. They
906906 therefore declare that the political committee registered to
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933933 circulate petitions and campaign in support of the adoption of the
934934 initiative, or any one or more of its officers, has standing to
935935 defend this initiative on behalf of and as the agent of the People
936936 of Oklahoma in any legal action brought to challenge the valid ity of
937937 this initiative.
938938 SECTION 13. The Ballot Title for the proposed act shall be in
939939 the following form:
940940 BALLOT TITLE
941941 Legislative Referendum No. ____ State Question No. ____
942942 THE GIST OF THE PROPOSITION IS AS FOLLOWS:
943943 This proposed law would reduce maximum interest rates on medical
944944 debt from 10 percent to 3 percent annually, increase the amount
945945 of certain assets exempt from debt collection, annually adjust
946946 exemptions for inflation beginning in 2025, and allow courts to
947947 reduce the amount of disposable earnings garnish ed in cases of
948948 extreme hardship.
949949 SHALL THE PROPOSAL BE APPROVED?
950950 FOR THE PROPOSAL — YES _____________
951951 AGAINST THE PROPOSAL — NO _____________
952952 SECTION 14. The Chief Clerk of the House of Representatives,
953953 immediately after the pas sage of this act, shall prepare and file
954954 one copy thereof, including the Ballot Title set forth in SECTION 13
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981981 hereof, with the Secre tary of State and one copy with the Attorney
982982 General.
983983
984984 59-1-5492 TJ 01/12/23