Mahsi, Mr. Chair. Mr. Chair, I am pleased to be here today to speak about Bill 10, Exemptions Act. I would like to thank the Standing Committee on Social Programs for its review of this bill.

The Exemptions Act is used when one person owes money to another. It limits the types and amount of property that can be seized or garnisheed by a creditor as part of the enforcement process. The current act was enacted in 1948 and is now very out of date. The amounts of money and categories of property that can be kept haven’t changed since then, other than a change to the amount of wages that the debtor can keep in each pay period.

The main purpose of the bill is to set out exemptions amounts for categories of property under the current act. The bill also updates the categories and descriptions of property that are exempt from seizure. The new act strikes a balance between the rights of creditors to enforce a debt and the need for debtors to maintain enough assets and income to live, provide for their dependents, and maintain a means to repay the debt. For example, debtors will be able to keep things like medical aids and property traditionally used in subsistence hunting or fishing.

The need to update the existing Exemptions Act has been raised by Members of past Legislative Assemblies, and the bill before you meets the commitment Justice made to amend the legislation during this Assembly.

I would be pleased to answer any questions that the committee members may have regarding Bill 10. Mahsi.