Introduced By: Senators Issa, Raptakis, Ruggerio, Walsh, Sosnowski, et al.
Date Introduced : March 10, 1998
It is enacted by the General Assembly as follows:
SECTION 1. Chapter 9-26 of the General Laws entitled "LEVY AND SALE ON EXECUTION" is hereby amended by adding thereto the following section:
{ADD 9-26-4.1. Homestead estate exemption. -- ADD} {ADD In addition to the property exempt from attachment as set forth in section 9-26-4, an estate of homestead to the extent of one hundred thousand dollars ($100,000) in the land and buildings may be acquired pursuant to this section by an owner or owners of a home or one or all who rightfully possess the premise by lease or otherwise, and who occupy or intend to occupy said home as a principal residence. Said estate shall be exempt from the laws of attachment, levy on execution and sale for payment of debts or legacies except in the following cases: ADD}
{ADD (1) sale for taxes, sewer liens, water liens, lighting district assessments and fire district assessments; ADD}
{ADD (2) for a debt contracted prior to the acquisition of said estate of homestead; ADD}
{ADD (3) for a debt contracted for the purchase of said home; ADD}
{ADD (4) upon an order issued by the family court to enforce its judgment that a spouse pay a certain amount weekly or otherwise for the support of a spouse or minor children; ADD}
{ADD (5) where a building or buildings are situated on land not owned by the owner of a homestead estate are attached, levied upon or sold for the ground rent of the lot upon which the building or buildings are situated. ADD}
{ADD (6) for a debt due to, or a lien in favor of, the department of human services and/or the state of Rhode Island for reimbursement of medical assistance, as provided for in Rhode Island general laws section 40-8-15; ADD}
{ADD (7) For a debt heretofore or hereafter owing to a federally insured deposit taking institution or a person regulated or licensed under title 19 of the general laws. ADD}
{ADD For the purposes of this section, an owner of a home shall include a sole owner, joint tenant, tenant by the entirety or tenant in common; provided, that only one (1) owner may acquire an estate of homestead in any such home for the benefit of his family; and provided further, that an estate of homestead may be acquired on only one (1) principal residence for the benefit of a family. For the purposes of this section, the word "family" shall include either a parent and child or children, a husband and wife and their children, if any, or a sole owner. The provisions of this section shall not apply to any debt owing to a financial institution. ADD}
SECTION 2. This act shall take effect January 1, 1999.
