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ID S1014
Bill
Status
3/25/2015
Primary Sponsor
Judiciary and Rules Committee
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AI Summary
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Amends Idaho Code Section 11-605 to revise exemptions for life insurance contract proceeds from attachment or levy.
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Clarifies that unmatured life insurance contracts owned by an individual are exempt, including accrued dividends, interest, loan value, and cash surrender value, but excludes amounts resulting from premiums paid within 6 months prior to bankruptcy filing or attachment/levy.
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Removes previous language limiting the aggregate exemption for accrued dividends or interest under unmatured life insurance contracts to $5,000, replacing it with revised clarifying language about which proceeds qualify for exemption.
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Maintains exemption for disposable earnings, wages, salaries, and compensation for personal services up to $1,500 in a calendar year without affecting garnishment restrictions under Idaho Code Section 11-207.
Legislative Description
Amends existing law to revise and clarify which proceeds of a certain life insurance contract are entitled to an exemption from attachment or levy.
EXEMPTION OF PROPERTY
Last Action
Signed by Governor on 03/25/15 Session Law Chapter 112 Effective: 07/01/2015
3/25/2015