§ 34-55-10-2.5 — Exemption amounts; adoption of rules

Indiana § 34-55-10-2.5

• Jurisdiction: Indiana
• Title 34: CIVIL LAW AND PROCEDURE
• Art. 55: EXECUTION OF JUDGMENTS
• Ch. 10: Sales and Execution of Real Estate: Exemptions

Text

5. (a) The department of financial
institutions shall adopt a rule under IC 4-22-2 establishing the amount
for each exemption under section 2(c)(1) through 2(c)(3) of this
chapter to take effect not earlier than January 1, 2010, and not later
than March 1, 2010.
(b) The department of financial institutions shall adopt a rule under
IC 4-22-2 establishing new amounts for each exemption under section
2(c)(1) through 2(c)(3) of this chapter every six (6) years after
exemption amounts are established under subsection (a). The rule
establishing new exemption amounts under this subsection must take
effect not earlier than January 1 and not later than March 1 of the sixth
calendar year immediately following the most recent adjustments to the
exemption amounts.
(c) The department of financial institutions shall determine the
amount of each exemption under subsections (a) and (b) based on
changes in the Consumer Price Index for All Urban Consumers,
published by the United States Department of Labor, for the most
recent six (6) year period.
(d) The department of financial institutions shall round the amount
of an exemption determined under subsections (a) and (b) to the
nearest fifty dollars ($50).
(e) A rule establishing amounts for exemptions under this section
may not reduce an exemption amount below the exemption amount on
July 1, 2005.

Legislative History

As added by P.L.179-2005, SEC.11. Amended by P.L.140-2013, SEC.21; P.L.93-2024, SEC.206.