SB 1501 Illinois Senate · 104th Regular Session

HOMESTEAD EXEMPTION INCREASE

Summary
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.
Bill status in committee 1 of 4 stages cleared
Introduction
Feb 2025
Committee Review
Floor Vote
Governor
Introduced Feb 4, 2025 Last action Mar 21, 2025
Floor votes

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Full legislative history

Actions timeline

Total actions
5
Key actions
0
Committee
3
Mar 21, 2025
Committee
Rule 3-9(a) / Re-referred to Assignments
upper
Feb 11, 2025
Committee
Assigned to Judiciary
upper
Feb 4, 2025
Committee
Referred to Assignments
upper
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Mike Halpin
Mike Halpin
DDemocratic
IL
36