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70Ratification Number: 106Act Number: 60Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 19990112Primary Sponsor: HayesAll Sponsors: Hayes, ElliottDrafted Document Number: l:\council\bills\dka\3050mm99.docDate Bill Passed both Bodies: 19990528Date of Last Amendment: 19990331Governor's Action: SDate of Governor's Action: 19990611Subject: Bankruptcy proceedings, property exempt from includes retirement accounts; Courts, Banks and Savings and LoanHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ ------ 19990702 Act No. A60 ------ 19990611 Signed by Governor ------ 19990609 Ratified R106 House 19990528 Read third time, enrolled for ratification House 19990527 Read second time, unanimous consent for third reading on the next Legislative day House 19990526 Committee report: Favorable 25 HJ House 19990406 Introduced, read first time, 25 HJ referred to Committee Senate 19990331 Amended, read third time, sent to House Senate 19990325 Read second time, ordered to third reading with notice of general amendments Senate 19990325 Committee amendment adopted Senate 19990324 Committee report: Favorable with 11 SJ amendment Senate 19990112 Introduced, read first time, 11 SJ referred to Committee Senate 19981118 Prefiled, referred to Committee 11 SJ Versions of This Bill Revised on March 24, 1999 - Word format Revised on March 25, 1999 - Word format Revised on March 31, 1999 - Word format Revised on May 26, 1999 - Word format
(A60, R106, S70)
AN ACT TO AMEND SECTION 15-41-30, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY EXEMPT FROM BANKRUPTCY PROCEEDINGS OR ATTACHMENT, LEVY, AND SALE, SO AS TO EXEMPT INDIVIDUAL RETIREMENT ACCOUNTS, INDIVIDUAL RETIREMENT ANNUITIES, AND INDIVIDUAL RETIREMENT TRUSTS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. A. Section 15-41-30(10)(E)(iii) of the 1976 Code, as last amended by Act 415 of 1988, is further amended to read:
"(iii) the plan or contract does not qualify under Sections 401(a), 403(a), 403(b), or 409 of the Internal Revenue Code of 1954 (26 U.S.C. 401(a), 403(a), 403(b), or 409)."
B. Section 15-41-30 of the 1976 Code, as last amended by Act 415 of 1988, is further amended by adding:
"(12) The debtor's right to receive individual retirement accounts as described in Sections 408(a) and 408A of the Internal Revenue Code, individual retirement annuities as described in Section 408(b) of the Internal Revenue Code, and accounts established as part of a trust described in Section 408(c) of the Internal Revenue Code, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor. A claimed exemption may be reduced or eliminated by the amount of a fraudulent conveyance into the individual retirement account or other plan. For purposes of this item, 'Internal Revenue Code' has the meaning provided in Section 12-6-40(A).
(13) The debtor's interest in a pension plan qualified under the Employee Retirement Income Security Act of 1974, as amended."
SECTION 2. This act takes effect upon approval by the Governor.
Ratified the 9th day of June, 1999.
Approved the 11th day of June, 1999.
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