House Bill No. 135 proposes amendments to Louisiana's existing laws regarding exemptions from seizure, specifically focusing on motor vehicles and health savings accounts. The bill increases the exemption limit for one motor vehicle from $7,500 to $15,000 in equity value, allowing for a second vehicle to be exempted up to the same amount if the debtor is married or has a licensed child driver in the household. Additionally, for vehicles that are substantially modified for individuals with disabilities, the exemption limit is raised from $7,500 to $20,000, with the stipulation that only one such vehicle can be exempted.

Furthermore, the bill expands the list of exempt assets by including health savings accounts, which are defined as accounts for medical expenses authorized under federal law. The proposed changes also update the valuation method for motor vehicles from the NADA retail value to the JD Power Official Used Car Guide. Overall, the bill aims to provide greater financial protection for debtors by increasing the value of exempt assets and clarifying definitions related to health savings accounts.

Statutes affected:
HB135 Original: 13:3881(A)
HB135 Engrossed: 13:3881(A)