| Summary |
Section 1 of the bill makes legislative findings and declarations.
Colorado's statutory homestead exemption exempts a portion of a
homestead from seizure to satisfy a debt, contract, or civil obligation.
Section 2 increases the amount of the homestead exemption:
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From $75,000 to $300,000 if the homestead is occupied as
a home by an owner of the home or an owner's family; and
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From $105,000 to $400,000 if the homestead is occupied
as a home by an owner who is elderly or disabled, an
owner's spouse who is elderly or disabled, or an owner's
dependent who is elderly or disabled.
Section 3 expands the meaning of homestead to expressly
include a dwelling, and section 4 defines a dwelling as conventional
housing and personal property that is actually used as a residence,
including any vehicle, trailer, vessel, camper coach, mounted equipment,
railway car, shipping or cargo container, or shed.
Section 5 increases the maximum amounts of existing exemptions
from levy and sale under a writ of attachment or execution for certain
types of property and creates new exemptions for:
•
Firearms and hunting and fishing equipment;
•
Economic impact payments;
•
Health savings accounts; and
•
Money placed into a life expectancy set-aside account or
similar reserve fund, escrow, or impound account, which
money is derived from reverse mortgage proceeds that are
designated for specific uses.
Section 5 also recreates and increases an exemption for money in
depository accounts.
Sections 5, 6, and 7 remove a requirement that a person must
deposit child support payments in an account designated for the child and,
with regard to child support payments and unemployment benefits, not
commingle funds in order to claim an exemption for child support
payments or an exemption for unemployment benefits.
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