SB22-086 Summary

• Increases homestead exemption from $75,000 to $250,000 for standard occupants and from $105,000 to $350,000 for elderly or disabled occupants to protect home equity from creditors.

• Expands definition of "homestead" to include personal property used as residence such as vehicles, vessels, camper coaches, yurts, tiny homes, railway cars, and shipping containers.

• Creates new exemptions for firearms and hunting/fishing equipment ($1,000), economic impact payments, health savings accounts, and money in reverse mortgage life expectancy set-aside accounts.

• Increases exemptions for household goods from $3,000 to $6,000, agricultural property from $50,000 to $100,000, motor vehicles from $7,500 to $15,000, and depository accounts from $4,000 to $2,500.

• Removes requirement that child support payments and unemployment benefits must be kept in separate, non-commingled accounts to qualify for exemption from debt collection.