Oklahoma HB 3211: Bankruptcy; retirement plan proceeds; effective date.

Bill Text

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STATE OF OKLAHOMA

2nd Session of the 58th Legislature (2022)

HOUSE BILL 3211 By: Nichols

AS INTRODUCED

An Act relating to homestead and exemptions; amending
31 O.S. 2021, Section 1, which relates to property
exempt from bankruptcy proceedings; expanding
exemption to include proceeds related to retirement
plans or arrangements qualified for tax exemption or
deferment purposes; and providing an effective date.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 31 O.S. 2021, Section 1, is
amended to read as follows:
Section 1. A. Except as otherwise provided in this title and
notwithstanding subsection B of this section, the following property
shall be reserved to every person residing in the state, exempt from
attachment or execution and every other species of forced sale for
the payment of debts, except as herein provided:
1. The home of such person, provided that such home is the
principal residence of such person;
2. A manufactured home, provided that such manufactured home is
the principal residence of such person;

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3. All household and kitchen furniture held primarily for the
personal, family, educational or household use of such person or a
dependent of such person, including a personal computer and related
equipment;
4. Any lot or lots in a cemetery held for the purpose of
sepulcher;
5. Implements of husbandry necessary to farm the homestead and
tools, apparatus and books used in any trade or profession of such
person or a dependent of such person, not to exceed Ten Thousand
Dollars ($10,000.00) in aggregate value;
6. All books, portraits and pictures that are held primarily
for the personal, family or household use of such person or a
dependent of such person;
7. The person's interest, not to exceed Four Thousand Dollars
($4,000.00) in aggregate value, in wearing apparel that is held
primarily for the personal, family or household use of such person
or a dependent of such person;
8. The person's interest, not to exceed Three Thousand Dollars
($3,000.00) in aggregate value, in wedding and anniversary rings;
9. All professionally prescribed health aids for such person or
a dependent of such person;
10. Five milk cows and their calves under six (6) months old,
that are held primarily for the personal, family or household use of
such person or a dependent of such person;

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11. One hundred chickens, that are held primarily for the
personal, family or household use of such person or a dependent of
such person;
12. Two horses and two bridles and two saddles, that are held
primarily for the personal, family or household use of such person
or a dependent of such person;
13. Such person's interest, not to exceed Seven Thousand Five
Hundred Dollars ($7,500.00) in value, in one motor vehicle;
14. Guns, not to exceed Two Thousand Dollars ($2,000.00) in
aggregate value, that are held primarily for the personal, family or
household use of such person or a dependent of such person, provided
that nothing in this subsection shall be construed to allow a person
to exempt guns which are used mainly as an investment or
nonpersonal, family or household use;
15. Ten hogs, that are held primarily for the personal, family
or household use of such person or a dependent of such person;
16. Twenty head of sheep, that are held primarily for the
personal, family or household use of such person or a dependent of
such person;
17. All provisions and forage on hand, or growing for home
consumption, and for the use of exempt stock for one (1) year;
18. Seventy-five percent (75%) of all current wages or earnings
for personal or professional services earned during the last ninety

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(90) days, except as provided in Title 12 of the Oklahoma Statutes
in garnishment proceedings for collection of child support;
19. Such person's right to receive alimony, support, separate
maintenance or child support payments to the extent reasonably
necessary for the support of such person and any dependent of such
person;
20. Subject to the Uniform Fraudulent Transfer Act, Section 112
et seq. of Title 24 of the Oklahoma Statutes, any interest in a
retirement plan or arrangement qualified for tax exemption or
deferment purposes under present or future Acts of Congress
including any distributions from said plan or arrangement; provided,
any transfer or rollover contribution between retirement plans or
arrangements which avoids current federal income taxation shall not
be deemed a transfer which is fraudulent as to a creditor under the
Uniform Fraudulent Transfer Act. "Retirement plan or arrangement
qualified for tax exemption purposes" shall include without
limitation, trusts, custodial accounts, insur