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SB1501 - 104th General Assembly
HOMESTEAD EXEMPTION INCREASE
Last Action
Statutes Amended In Order of Appearance
735 ILCS 5/2-1402from Ch. 110, par. 2-1402
735 ILCS 5/12-704from Ch. 110, par. 12-704
735 ILCS 5/12-901from Ch. 110, par. 12-901
735 ILCS 5/12-904from Ch. 110, par. 12-904
735 ILCS 5/12-906from Ch. 110, par. 12-906
735 ILCS 5/12-909from Ch. 110, par. 12-909
735 ILCS 5/12-910from Ch. 110, par. 12-910
735 ILCS 5/12-911from Ch. 110, par. 12-911
735 ILCS 5/12-912from Ch. 110, par. 12-912
735 ILCS 5/12-1001from Ch. 110, par. 12-1001
Synopsis As Introduced
Amends the Code of Civil Procedure. Exempts from garnishment for a period of 30 calendar days wages electronically deposited directly into a judgment debtor's checking or savings account in a financial institution. Increases the amount that every individual is entitled to for the individual's estate of homestead from $15,000 to $100,000 if the property is owned by a single individual, and from $30,000 to $200,000 if the property is owned by 2 or more individuals. Makes conforming changes in provisions regarding: the validity of a release, waiver, or conveyance of a property; the proceeds of a sale; bids for less than the exempted amount; proceedings to enforce a judgment; notice to judgment debtors; and the sale of premises and distribution of proceeds. Increases the exemptions for: other personal property from $4,000 to $27,000; a motor vehicle from $2,400 to $16,000; tools of the trade of the debtor from $1,500 to 10,000; and personal injury from $15,000 to $100,000. Makes conforming changes.
Actions
| Date | Chamber | Action |
|---|---|---|
| 2/04/2025 | Senate | Filed with Secretary by Sen. Michael W. Halpin |
| 2/04/2025 | Senate | First Reading |
| 2/04/2025 | Senate | Referred to Assignments |
| 2/11/2025 | Senate | Assigned to Judiciary |
| 3/21/2025 | Senate | Rule 3-9(a) / Re-referred to Assignments |