AB 1885: Debtor exemptions: homestead exemption.
- Session Year: 2019-2020
- House: Assembly
- Latest Version Date: 2020-09-18
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Date
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Status
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|---|---|
| Sep 18, 2020 | Chaptered by Secretary of State - Chapter 94, Statutes of 2020. |
| Sep 18, 2020 | Approved by the Governor. |
| Sep 15, 2020 | Enrolled and presented to the Governor at 3 p.m. |
| Aug 31, 2020 | In Assembly. Concurrence in Senate amendments pending. |
| Aug 31, 2020 | Read third time. Passed. Ordered to the Assembly. (Ayes 32. Noes 2.). |
| Aug 30, 2020 | Read second time. Ordered to third reading. |
| Aug 29, 2020 | From committee: Do pass. (Ayes 13. Noes 5.) (August 29). |
| Aug 28, 2020 | From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B. & F.R. |
| Jul 1, 2020 | Referred to Com. on B. & F.R. |
| Jun 16, 2020 | In Senate. Read first time. To Com. on RLS. for assignment. |
| Jun 15, 2020 | Read third time. Passed. Ordered to the Senate. (Ayes 60. Noes 14. Page 4873.) |
| Mar 10, 2020 | Read second time. Ordered to third reading. |
| Mar 9, 2020 | Assembly Rule 96 suspended. (Ayes 57. Noes 15. Page 4273.) |
| Feb 26, 2020 | Re-referred to Com. on BUDGET. |
| Feb 25, 2020 | From committee chair, with author's amendments: Amend, and re-refer to Com. on BUDGET. Read second time and amended. |
| Jan 17, 2020 | Referred to Com. on BUDGET. |
| Jan 8, 2020 | From printer. May be heard in committee February 7. |
| Jan 7, 2020 | Read first time. To print. |
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Date
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Description
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Location
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Votes
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| Aug 31, 2020 | AB 1885 Budget Concurrence in Senate Amendments By TING | Assembly Floor |
Passed |
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| Aug 31, 2020 | Assembly 3rd Reading AB1885 BUDGET (Ting) By Mitchell | Senate Floor |
Passed |
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| Aug 29, 2020 | Do pass | Senate Standing Committee on Budget and Fiscal Review |
Passed |
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| Jun 15, 2020 | AB 1885 BUDGET Assembly Third Reading By TING | Assembly Floor |
Passed |
This list shows positions taken on this bill by organizations on the date displayed, which is linked to the original source.
Positions by individuals are not included.
CONCURRENCE IN SENATE AMENDMENTS
CSA1 Bill Id:AB 1885
Author:(Committee on Budget)
As Amended Ver:August 28, 2020
Majority vote
SUMMARY:
This bill relates to housing and homeowner protection.
The Senate Amendments:
- Makes 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 year in which the judgement debtor claims the exemption, not to exceed $600,000
- Adjusts annually for inflation, beginning on January 1, 2022, based on the change in the annual California Consumer Price Index for All Urban Consumers for the prior fiscal year, published by the Department of Industrial Relations.
- Is effective January 1, 2021.
COMMENTS:
The homestead exemption protects the value of a homeowner's home in the event of a bankruptcy. Existing law provides that a specified portion of equity in a homestead, as defined, is exempt from the execution to satisfy a judgement 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.
According to the Author:
Arguments in Support:
Arguments in Opposition:
FISCAL COMMENTS:
None.
VOTES:
ASSEMBLY FLOOR: 60-14-5
YES: Aguiar-Curry, Arambula, Bauer-Kahan, Berman, Bloom, Boerner Horvath, Bonta, Burke, Calderon, Carrillo, Cervantes, Chau, Chiu, Chu, Cooley, Cooper, Daly, Eggman, Frazier, Friedman, Gabriel, Cristina Garcia, Eduardo Garcia, Gipson, Gloria, Gonzalez, Gray, Grayson, Holden, Irwin, Jones-Sawyer, Kalra, Kamlager, Levine, Limón, Low, Maienschein, McCarty, Medina, Mullin, Muratsuchi, Nazarian, O'Donnell, Petrie-Norris, Quirk, Quirk-Silva, Ramos, Reyes, Luz Rivas, Robert Rivas, Rodriguez, Blanca Rubio, Salas, Santiago, Mark Stone, Ting, Weber, Wicks, Wood, Rendon
NO: Bigelow, Brough, Cunningham, Megan Dahle, Flora, Fong, Gallagher, Kiley, Lackey, Mayes, Obernolte, Patterson, Voepel, Waldron
ABS, ABST OR NV: Chen, Choi, Diep, Mathis, Smith
UPDATED:
VERSION: August 28, 2020
CONSULTANT: Genevieve Morelos / BUDGET / (916) 319-2099 FN: 0003638
SENATE RULES COMMITTEE Office of Senate Floor Analyses (916) 651-1520 Fax: (916) 327-4478 | AB 1885 |
THIRD READING
Bill No: AB 1885
Author: Committee on Budget
Amended: 8/28/20 in Senate
Vote: 21
SENATE BUDGET & FISCAL REVIEW COMMITTEE: 13-5, 8/29/20
AYES: Mitchell, Beall, Caballero, Durazo, Hertzberg, Hurtado, Leyva, McGuire, Monning, Pan, Roth, Skinner, Wieckowski
NOES: Nielsen, Dahle, Melendez, Moorlach, Morrell
ASSEMBLY FLOOR: Not relevant
SUBJECT: Debtor exemptions: homestead exemption
SOURCE: Author
DIGEST:
This bill makes changes to the state’s homestead exemption
ANALYSIS: The homestead exemption protects the value of a homeowner’s primary residence in the event of a bankruptcy. Specifically, it provides that a specified portion of equity in a homestead is exempt from execution to satisfy a judgement debt. Current law prescribes that the amount of this homestead exemption is $75,000 for single homeowners, $100,000 for married homeowners, or $175,000 for homeowners who are seniors and / or disabled.
This bill makes the following changes:
- Makes the homestead exemption the greater of $300,000 or the countywide median sale price of a single-family home in the year prior to the year in which the judgement debtor claims the exemption, not to exceed $600,000.
- Provides for both the $300,000 and $600,000 figures to be adjusted annually for inflation.
FISCAL EFFECT: Appropriation: No Fiscal Com.: No Local: No
SUPPORT: (Verified 08/29/20)
None received
OPPOSITION: (Verified 08/29/20)
None received
Prepared by: James Hacker / B. & F.R. / 916-651-4103
8/31/20 0:32:14
**** END ****
SENATE COMMITTEE ON BUDGET AND FISCAL REVIEW
Senator Holly Mitchell, Chair
2019 - 2020 Regular
Bill No: AB 1885 Hearing Date: August 29, 2020
Author: | |||
Version: | August 28, 2020 As amended | ||
Urgency: | No | Fiscal: | No |
Consultant: | James Hacker | ||
Subject: Debtor exemptions: homestead exemption
Summary:
This bill makes changes to the state’s homestead exemption.
Background:
The homestead exemption protects the value of a homeowner’s primary residence in the event of a bankruptcy. Specifically, it provides that a specified portion of equity in a homestead is exempt from execution to satisfy a judgement debt. Current law prescribes that the amount of this homestead exemption is $75,000 for single homeowners, $100,000 for married homeowners, or $175,000 for homeowners who are seniors and / or disabled.
Proposed Law:
This bill makes the following changes:
- Makes the homestead exemption the greater of $300,000 or the countywide median sale price of a single-family home in the year prior to the year in which the judgement debtor claims the exemption, not to exceed $600,000.
- Provides for both the $300,000 and $600,000 figures to be adjusted annually for inflation.
Fiscal Effect:
None.
Support:
None on file.
Opposed:
None on file.
-- END --
ASSEMBLY THIRD READING
ATR Bill Id:AB 1885
Author:(Committee on Budget)
As Amended Ver:February 25, 2020
Majority vote. Budget Bill Appropriation Takes Effect Immediately
SUMMARY:
This bill expresses the intent of the Legislature to enact statutory changes relating to the Budget Act of 2020.
Major Provisions
COMMENTS:
According to the Author:
Arguments in Support:
Arguments in Opposition:
FISCAL COMMENTS:
VOTES:
UPDATED:
VERSION: February 25, 2020
CONSULTANT: Christian Griffith / BUDGET / (916) 319-2099 FN: 0002724
Bill Author
Bill Co-Author(s):