CA Homestead and Personal Exemptions; Equifax Settlement Final

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In September 2020, Assembly Bills 1885 and 2463 and Senate Bill 898 were signed into law in California. These three bills deal with California personal and real property exemptions.

When an election of an exemption is available, these three bills will only be related to bankruptcies to the extent a debtor chooses to claim California state exemptions over federal/bankruptcy exemptions as indicated under state law.

For more details, see our synopsis from the California and Nevada Credit Union Leagues’ legal counsel (Moore Brewer Wolfe Jones Tyler & North). Please also read a recent CU Weekly article on AB 2463.

Equifax Settlement is Now Final
The Leagues have learned that the court overseeing the ongoing Equifax data breach litigation has granted final approval of financial institutions’ settlement.

This means the court considered the relief available to the class, the risks of litigation, and other information and determined that the settlement was fair, reasonable, and adequate.

The settlement is now final. After the expiration of the claims period, the settlement administrator will send checks to financial institutions that have filed timely, valid claims. The deadline to file a claim is Dec. 31, 2020. Detailed information about the settlement and claim forms can be found at Equifax's Data Breach Settlement webpage.

Please do not hesitate to email attorney Margaret Ferron at Scott + Scott if you have any questions regarding the settlement or filing a claim.

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