| 1 | | - | By: Wray (Senate Sponsor - RodrÃguez) H.B. No. 2706 |
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| 2 | | - | (In the Senate - Received from the House May 6, 2015; |
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| 3 | | - | May 6, 2015, read first time and referred to Committee on Business |
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| 4 | | - | and Commerce; May 22, 2015, reported favorably by the following |
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| 5 | | - | vote: Yeas 7, Nays 0; May 22, 2015, sent to printer.) |
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| 6 | | - | Click here to see the committee vote |
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| 1 | + | H.B. No. 2706 |
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| 10 | 4 | | AN ACT |
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| 11 | 5 | | relating to the value of personal property exempt from seizure by |
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| 12 | 6 | | creditors. |
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| 13 | 7 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 14 | 8 | | SECTION 1. Section 42.001(a), Property Code, is amended to |
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| 15 | 9 | | read as follows: |
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| 16 | 10 | | (a) Personal property, as described in Section 42.002, is |
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| 17 | 11 | | exempt from garnishment, attachment, execution, or other seizure |
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| 18 | 12 | | if: |
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| 19 | 13 | | (1) the property is provided for a family and has an |
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| 20 | 14 | | aggregate fair market value of not more than $100,000 [$60,000], |
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| 21 | 15 | | exclusive of the amount of any liens, security interests, or other |
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| 22 | 16 | | charges encumbering the property; or |
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| 23 | 17 | | (2) the property is owned by a single adult, who is not |
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| 24 | 18 | | a member of a family, and has an aggregate fair market value of not |
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| 25 | 19 | | more than $50,000 [$30,000], exclusive of the amount of any liens, |
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| 26 | 20 | | security interests, or other charges encumbering the property. |
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| 27 | 21 | | SECTION 2. The changes in law made this Act do not apply to |
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| 28 | 22 | | property that is, as of the effective date of this Act, subject to a |
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| 29 | 23 | | voluntary bankruptcy proceeding or to a valid claim of a holder of a |
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| 30 | 24 | | final judgment who has, by levy, garnishment, or other legal |
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| 31 | 25 | | process, obtained rights superior to those that would otherwise be |
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| 32 | 26 | | held by a trustee in bankruptcy if a bankruptcy petition were then |
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| 33 | 27 | | pending against the debtor. That property is subject to the law as |
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| 34 | 28 | | it existed immediately before the effective date of this Act, and |
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| 35 | 29 | | the prior law is continued in effect for that purpose. |
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| 36 | 30 | | SECTION 3. This Act takes effect September 1, 2015. |
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| 37 | | - | * * * * * |
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| 31 | + | ______________________________ ______________________________ |
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| 32 | + | President of the Senate Speaker of the House |
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| 33 | + | I certify that H.B. No. 2706 was passed by the House on May 5, |
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| 34 | + | 2015, by the following vote: Yeas 143, Nays 2, 2 present, not |
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| 35 | + | voting. |
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| 36 | + | ______________________________ |
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| 37 | + | Chief Clerk of the House |
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| 38 | + | I certify that H.B. No. 2706 was passed by the Senate on May |
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| 39 | + | 26, 2015, by the following vote: Yeas 31, Nays 0. |
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| 40 | + | ______________________________ |
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| 41 | + | Secretary of the Senate |
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| 42 | + | APPROVED: _____________________ |
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| 43 | + | Date |
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| 44 | + | _____________________ |
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| 45 | + | Governor |
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