1 STATE OF OKLAHOMA
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2 2nd Session of the 59th Legislature (2024)
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3 HOUSE BILL 4150 By: Schreiber
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6 AS INTRODUCED
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7 An Act relating to homestead and exemptions; amending
7 31 O.S. 2021, Section 1, which relates to property
8 exempt from bankruptcy proceedings; expanding
8 exemption to include proceeds related to retirement
9 plans or arrangements qualified for tax exemption or
9 deferment purposes; and providing an effective date.
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12 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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13 SECTION 1. AMENDATORY 31 O.S. 2021, Section 1, is
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14 amended to read as follows:
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15 Section 1. A. Except as otherwise provided in this title and
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16 notwithstanding subsection B of this section, the following property
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17 shall be reserved to every person residing in the state, exempt from
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18 attachment or execution and every other species of forced sale for
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19 the payment of debts, except as herein provided:
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20 1. The home of such person, provided that such home is the
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21 principal residence of such person;
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22 2. A manufactured home, provided that such manufactured home is
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23 the principal residence of such person;
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 1 3. All household and kitchen furniture held primarily for the
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2 personal, family, educational or household use of such person or a
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3 dependent of such person, including a personal computer and related
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4 equipment;
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5 4. Any lot or lots in a cemetery held for the purpose of
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6 sepulcher;
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7 5. Implements of husbandry necessary to farm the homestead and
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8 tools, apparatus and books used in any trade or profession of such
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9 person or a dependent of such person, not to exceed Ten Thousand
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10 Dollars ($10,000.00) in aggregate value;
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11 6. All books, portraits and pictures that are held primarily
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12 for the personal, family or household use of such person or a
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13 dependent of such person;
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14 7. The person's interest, not to exceed Four Thousand Dollars
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15 ($4,000.00) in aggregate value, in wearing apparel that is held
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16 primarily for the personal, family or household use of such person
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17 or a dependent of such person;
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18 8. The person's interest, not to exceed Three Thousand Dollars
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19 ($3,000.00) in aggregate value, in wedding and anniversary rings;
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20 9. All professionally prescribed health aids for such person or
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21 a dependent of such person;
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22 10. Five milk cows and their calves under six (6) months old,
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23 that are held primarily for the personal, family or household use of
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24 such person or a dependent of such person;
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 1 11. One hundred chickens, that are held primarily for the
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2 personal, family or household use of such person or a dependent of
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3 such person;
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4 12. Two horses and two bridles and two saddles, that are held
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5 primarily for the personal, family or household use of such person
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6 or a dependent of such person;
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7 13. Such person's interest, not to exceed Seven Thousand Five
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8 Hundred Dollars ($7,500.00) in value, in one motor vehicle;
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9 14. Guns, not to exceed Two Thousand Dollars ($2,000.00) in
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10 aggregate value, that are held primarily for the personal, family or
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11 household use of such person or a dependent of such person, provided
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12 that nothing in this subsection shall be construed to allow a person
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13 to exempt guns which are used mainly as an investment or
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14 nonpersonal, family or household use;
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15 15. Ten hogs, that are held primarily for the personal, family
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16 or household use of such person or a dependent of such person;
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17 16. Twenty head of sheep, that are held primarily for the
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18 personal, family or household use of such person or a dependent of
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19 such person;
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20 17. All provisions and forage on hand, or growing for home
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21 consumption, and for the use of exempt stock for one (1) year;
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22 18. Seventy-five percent (75%) of all current wages or earnings
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23 for personal or professional services earned during the last ninety
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 1 (90) days, except as provided in Title 12 of the Oklahoma Statutes
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2 in garnishment proceedings for collection of child support;
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3 19. Such person's right to receive alimony, support, separate
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4 maintenance or child support payments to the extent reasonably
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5 necessary for the support of such person and any dependent of such
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6 person;
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7 20. Subject to the Uniform Fraudulent Transfer Act, Section 112
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8 et seq. of Title 24 of the Oklahoma Statutes, any interest in a
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9 retirement plan or arrangement qualified for tax exemption or
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10 deferment purposes under present or future Acts of Congress
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11 including any distributions from said plan or arrangement; provided,
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12 any transfer or rollover contribution between retirement plans or
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13 arrangements which avoids current federal income taxation shall not
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14 be deemed a transfer which is fraudulent as to a creditor under the
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15 Uniform Fraudulent Transfer Act. "Retirement plan or arrangement
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16 qualified for tax exemption purposes" shall include without
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17 limitation, trusts, custodial accounts, insurance, annuity contracts
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18 and other properties and rights constituting a part thereof. By way
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19 of example and not by limitation, retirement plans or arrangements
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20 qualified for tax exemption or deferment purposes permitted under
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21 present Acts of Congress include defined contribution plans and
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22 defined benefit plans as defined under the Internal Revenue Code
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23 ("IRC"), individual retirement accounts, individual retirement
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24 annuities, simplified employee pension plans, Keogh plans, IRC
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 1 Section 403(a) annuity plans, IRC Section 403(b) annuities, Roth
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2 individual retirement accounts created pursuant to IRC Section 408A,
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3 educational individual retirement accounts created pursuant to IRC
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4 Section 530 and eligible state deferred compensation plans governed
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5 under IRC Section 457. This provision shall be in addition to and
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6 not a limitation of any other provision of the Oklahoma Statutes
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7 which grants an exemption from attachment or execution and every
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8 other species of forced sale for the payment of debts. This
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9 provision shall be effective for retirement plans and arrangements
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10 in existence on, or created after April 16, 1987;
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11 21. Such person's interest in a claim for personal bodily
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12 injury, death or workers' compensation claim, for a net amount not
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13 in excess of Fifty Thousand Dollars ($50,000.00), but not including
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14 any claim for exemplary or punitive damages;
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15 22. Funds in an individual development account established
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16 pursuant to the provisions of Section 251 et seq. of Title 56 of the
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17 Oklahoma Statutes;
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18 23. Any amount received pursuant to the federal earned income
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19 tax credit; and
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20 24. Any interest in an Oklahoma College Savings Plan account
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21 established pursuant to the provisions of Section 3970.1 et seq. of
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22 Title 70 of the Oklahoma Statutes.
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23 B. No natural person residing in this state may exempt from the
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24 property of the estate in any bankruptcy proceeding the property
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 1 specified in subsection (d) of Section 522 of the Bankruptcy Reform
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2 Act of 1978, Public Law 95-598, 11 U.S.C.A. 101 et seq., except as
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3 may otherwise be expressly permitted under this title or other
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4 statutes of this state.
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5 SECTION 2. This act shall become effective November 1, 2024.
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7 59-2-9477 MAH 01/07/24
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