Bill Text: CA SB1099 | 2021-2022 | Regular Session | Amended
Bill Title: Bankruptcy: debtors.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2022-09-28 - Chaptered by Secretary of State. Chapter 716, Statutes of 2022. [SB1099 Detail]
Download: California-2021-SB1099-Amended.html
Amended
IN
Senate
May 19, 2022 |
Amended
IN
Senate
April 26, 2022 |
Amended
IN
Senate
April 07, 2022 |
Amended
IN
Senate
March 24, 2022 |
Introduced by Senator Wieckowski |
February 16, 2022 |
LEGISLATIVE COUNSEL'S DIGEST
(4)Existing law provides that tax-defaulted property may be redeemed on payment of taxes, penalties, and costs, until the right of redemption is terminated. Existing law provides that redemption penalties are calculated at the rate of 1.5% a month to the time of redemption, as specified. Existing law provides that the assessment of redemption penalties constitutes the assessment of interest for purposes of an administrative hearing or any claim in a bankruptcy proceeding pertaining to the property being redeemed.
This bill would prohibit the interest rate from exceeding
10% per year for purposes of an administrative hearing or any claim in a bankruptcy proceeding pertaining to the property being redeemed.
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee:Bill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 2983.3 of the Civil Code is amended to read:2983.3.
(a) (1) In the absence of default in the performance of any of the buyer’s obligations under the contract, the seller or holder may not accelerate the maturity of any part or all of the amount due thereunder or repossess the motor vehicle.SEC. 2.
Section 703.140 of the Code of Civil Procedure is amended to read:703.140.
(a) In a case under Title 11 of the United States Code, all of the exemptions provided by this chapter, including the homestead exemption, other than the provisions of subdivision (b) are applicable regardless of whether there is a money judgment against the debtor or whether a money judgment is being enforced by execution sale or any other procedure, but the exemptions provided by subdivision (b) may be elected in lieu of all other exemptions provided by this chapter, as follows:SEC. 3.
Section 704.010 of the Code of Civil Procedure is amended to read:704.010.
(a) Any combination of the following is exempt in the amount of nine thousand five hundred dollars ($9,500):SEC. 4.
Section 704.050 of the Code of Civil Procedure is amended to read:704.050.
(a) Health aids reasonably necessary to enable the judgment debtor or the spouse or a dependent of the judgment debtor to work or sustain health, and prosthetic and orthopedic appliances, are exempt.SEC. 5.
Section 704.111 is added to the Code of Civil Procedure, to read:704.111.
Alimony, support, and separate maintenance, to the extent reasonably necessary for the support of the debtor and a dependent of the debtor, are exempt.SEC. 6.
Section 704.113 of the Code of Civil Procedure is amended to read:704.113.
(a) As used in this chapter, “vacation credits” means vacation credits accumulated by a state employee pursuant to Section 19858.1 of the Government Code or by any other public employee pursuant to any law for the accumulation of vacation credits applicable to the employee.SEC. 7.
Section 22329 of the Financial Code is amended to read:22329.
(a) This section applies to a loan secured in whole or in part by a lien on a motor vehicle as defined by subdivision (k) of Section 2981 of the Civil Code.(a)Redemption penalties are the sum of the following:
(1)Beginning July 1st of the year of the declaration of tax default, on the declared amount of defaulted taxes at the rate of 1
(2)Beginning July 1st of each subsequent year, on the unpaid taxes for which the property would have been declared in default if there had not been a previous declaration, 1
(b)For purposes of an administrative hearing or any claim in a bankruptcy proceeding pertaining to the property being redeemed, the assessment of penalties determined pursuant to subdivision (a) with respect to the redemption of that property constitutes the assessment of interest. The rate of interest shall not exceed 10 percent per year.