SB 22-086

  • Colorado Senate Bill
  • 2022 Regular Session
  • Introduced in Senate Feb 23, 2022
  • Passed Senate Feb 23, 2022
  • Passed House Mar 22, 2022
  • Signed by Governor Apr 07, 2022

Homestead Exemption And Consumer Debt Protection

Abstract

Section 1 of the bill makes legislative findings and declarations. Colorado's statutory homestead exemption exempts a portion of a homestead from seizure to satisfy a debt, contract, or civil obligation. Section 2 increases the amount of the homestead exemption: From $75,000 to $300,000 $250,000 if the homestead is occupied as a home by an owner of the home or an owner's family; and From $105,000 to $400,000 $350,000 if the homestead is occupied as a home by an owner who is elderly or disabled, an owner's spouse who is elderly or disabled, or an owner's dependent who is elderly or disabled. Section 3 expands the meaning of "homestead" to expressly include a "dwelling", and section 4 defines a dwelling as conventional housing and personal property that is actually used as a residence, including any vehicle, trailer, vessel, camper coach, mounted equipment, railway car, shipping or cargo container, or shed, yurt, or tiny home.Under current law, the proceeds from a homestead exemption or, if a homestead property is sold by the owner, the proceeds from the sale are exempt from execution or attachment for a period of 2 years if the person entitled to the exemption keeps the exempted proceeds separate and apart from other money. Section 5 expands this period to 3 years and extends the exemption to apply to proceeds from insurance covering destruction of homestead property, which proceeds are held for use in restoring or replacing the homestead property.Section 5 Section 6 increases the maximum amounts of existing exemptions from levy and sale under a writ of attachment or execution for certain types of property and creates new exemptions for: Firearms and hunting and fishing equipment; Economic impact payments; Health savings accounts; and Money placed into a life expectancy set-aside account or similar reserve fund, escrow, or impound account, which money is derived from reverse mortgage proceeds that are designated for specific uses. Section 5 Section 6 also recreates and increases decreases an exemption for money in depository accounts.Sections 5, 6, and 7 Sections 6, 7, and 8 remove a requirement that a person must deposit child support payments in an account designated for the child and, with regard to child support payments and unemployment benefits, not commingle funds in order to claim an exemption for child support payments or an exemption for unemployment benefits. (Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.) (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Bill Sponsors (4)

Votes


Mar 22, 2022

Feb 23, 2022

Actions


Apr 07, 2022

Office of the Governor

Governor Signed

Apr 01, 2022

Office of the Governor

Sent to the Governor

House

Signed by the Speaker of the House

Mar 30, 2022

Senate

Signed by the President of the Senate

Mar 22, 2022

House

House Third Reading Passed - No Amendments

Mar 21, 2022

House

House Second Reading Passed - No Amendments

Mar 18, 2022

House

House Second Reading Laid Over Daily - No Amendments

Mar 15, 2022

House

House Committee on Judiciary Refer Unamended to House Committee of the Whole

  • Committee-Passage
  • Referral-Committee
Judiciary House Committee of the Whole

Feb 23, 2022

House

Introduced In House - Assigned to Judiciary

  • Introduction
Judiciary

Senate

Senate Third Reading Passed - No Amendments

Feb 22, 2022

Senate

Senate Second Reading Passed with Amendments - Committee

Feb 16, 2022

Senate

Senate Committee on Finance Refer Amended to Senate Committee of the Whole

  • Committee-Passage
  • Referral-Committee
Senate Committee of the Whole Finance

Jan 20, 2022

Senate

Introduced In Senate - Assigned to Finance

  • Introduction
Finance

Bill Text

Bill Text Versions Format
Signed Act (04/07/2022) PDF
Final Act (04/01/2022) PDF
Rerevised (03/22/2022) PDF
Revised (03/21/2022) PDF
Reengrossed (02/23/2022) PDF
Engrossed (02/22/2022) PDF
Introduced (01/20/2022) PDF
PA1 (02/17/2022) PDF
Committee Amendment PDF

Related Documents

Document Format
Fiscal Note FN1 (02/15/2022) PDF
Fiscal Note FN2 (03/01/2022) PDF

Sources

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