Minnesota Legislature
HF 3412
as introduced - 90th Legislature (2017 - 2018) Posted on 03/08/2018 02:19pm
Bill Text Versions
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| Introduction | Posted on 03/08/2018 |
Current Version - as introduced
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A bill for an act
relating to creditor remedies; updating types of property exempt from attachment;
amending Minnesota Statutes 2016, section 550.37, subdivision 4, by adding
subdivisions.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2016, section 550.37, subdivision 4, is amended to read:
Subd. 4.
Personal goods.
(a) All wearing apparel, one watch, utensils, and foodstuffs
of the debtor and the debtor's family.
(b) Household furniture, household appliances, deleted text begin phonographs, radio and television
receiversdeleted text end new text begin radios, computers, tablets, televisions, printers, and cell phonesnew text end of the debtor and
the debtor's family, not exceeding $10,350 in value.
(c) The debtor's aggregate interest, not exceeding $2,817.50 in value, in deleted text begin wedding rings
or other religious or culturally recognized symbols of marriage exchanged between the
debtor and spouse at the time of the marriage anddeleted text end new text begin jewelrynew text end in the debtor's possession.
The exemption provided by this subdivision may not be waived except with regard to
purchase money security interests. Except for a pawnbroker's possessory lien, a nonpurchase
money security interest in the property exempt under this subdivision is void.
If a debtor has property of the type which would qualify for the exemption under clause
(b), of a value in excess of $10,350 an itemized list of the exempt property, together with
the value of each item listed, shall be attached to the security agreement at the time a security
interest is taken, and a creditor may take a nonpurchase money security interest in the excess
over $10,350 by requiring the debtor to select the exemption in writing at the time the loan
is made.
Sec. 2.
Minnesota Statutes 2016, section 550.37, is amended by adding a subdivision to
read:
new text begin Subd. 26. new text end
new text begin Household tools and equipment. new text end
new text begin
Debtor's aggregate interest, not to exceed
$3,000, in hand and power tools, snow removal equipment, and lawnmowers.
new text end
Sec. 3.
Minnesota Statutes 2016, section 550.37, is amended by adding a subdivision to
read:
new text begin Subd. 27. new text end
new text begin Any property. new text end
new text begin
Debtor's aggregate interest, not to exceed $1,250, in any
property.
new text end
Sec. 4.
Minnesota Statutes 2016, section 550.37, is amended by adding a subdivision to
read:
new text begin Subd. 28. new text end
new text begin Health savings accounts; medical savings accounts. new text end
new text begin
(a) All money held in
a health savings account, as defined in section 223(d) of the Internal Revenue Code of 1986,
as amended, up to a present value of $6,500.
new text end
new text begin
(b) All money held in a medical savings account, as defined in section 220(d)(1) of the
Internal Revenue Code of 1986, as amended, up to a present value of $6,500.
new text end