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MI SB0895
Bill
AI Summary
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Adds exemption from execution for interests in Michigan Education Trust accounts, Michigan Education Savings Program accounts, and qualified tuition programs or educational savings trusts under Internal Revenue Code sections 529 and 530.
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Maintains existing exemptions for judgment debtors including household goods (up to $1,000), homestead property (up to $3,500), individual retirement accounts, and qualified pension plans.
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Specifies that educational savings exemptions apply similarly to federal bankruptcy protections under 11 USC 522(b)(2).
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Clarifies that exemptions do not extend to liens on exempt property that are excluded from exemption by law.
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Effective January 2, 2013.
Legislative Description
Civil procedure; execution; educational trusts and accounts; provide exemption from execution, garnishment, and attachment. Amends sec. 6023 of 1961 PA 236 (MCL 600.6023).
Higher education, other
Last Action
Assigned Pa 0553'12 With Immediate Effect 2012 Addenda
12/31/2012