HOUSE OF REPRESENTATIVES	H.B. NO.	2062
THIRTY-SECOND LEGISLATURE, 2024
STATE OF HAWAII

A BILL FOR AN ACT

Relating to judicial proceedings.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. The legislature finds that the purpose of the homestead exemption for attachment and execution is to promote the security of the home and to place such property beyond the reach of the consequences of a homeowner's economic misfortune, thereby allowing the homeowner to avoid homelessness. The legislature further finds that the rising cost of living and property values in the State necessitate an adjustment to the existing homestead exemption, which has not been adjusted in over forty-five years.

The purpose of this Act is to increase the homestead exemption amounts to cover substantially more of modern home values in the State.

SECTION 2. Section 651-92, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:

"(a) Real property shall be exempt from attachment or execution as follows:

(1) An interest in one parcel of real property in the State of Hawaii, of a fair market value not exceeding [$30,000,] $150,000, owned by the defendant who is either the head of a family or an individual sixty-five years of age or older.

(2) An interest in one parcel of real property in the State of Hawaii, of a fair market value not exceeding [$20,000,] $100,000, owned by the defendant who is a person.

The fair market value of the interest exempted in paragraph (1) or (2) shall be determined by appraisal and shall be an interest [which] that is over and above all liens and encumbrances on the real property recorded prior to the lien under which attachment or execution is to be made. Not more than one exemption shall be claimed on any one parcel of real property even though more than one person residing on such real property may otherwise be entitled to an exemption.

Any claim of exemption under this section made before [May 27, 1976,] the effective date of this Act, shall be deemed to be amended on [May 27, 1976,] the effective date of this Act, by increasing the exemption to the amount permitted by this section on [May 27, 1976,] the effective date of this Act, to the extent that such increase does not impair or defeat the right of any creditor who has executed upon the real property prior to [May 27, 1976.] the effective date of this Act."

SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 4. This Act shall take effect upon its approval.

INTRODUCED BY:

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Report Title:

Judicial Proceedings; Attachment; Execution; Homestead Exemption

Description:

Increases the exemption from attachment or execution for homesteads to $150,000 for heads of family and persons sixty-five years of age or older and to $100,000 for everyone else.

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.