Bill > SB835

This bill modifies laws concerning how creditors can collect debts through legal means like attachment, execution, and garnishment, which are processes to seize a debtor's property or wages. Key changes include expanding the types of property exempt from seizure, such as increasing the value limits for household furnishings, jewelry, and vehicles, and allowing a portion of unused vehicle exemption to be applied to other assets. It also introduces a mechanism to adjust these exemption amounts periodically based on inflation, and clarifies that certain retirement and savings accounts are protected from creditors, with specific rules for inherited accounts and those related to child support. Additionally, the bill establishes new procedures for garnishing bank accounts, including requirements for notifying joint account holders and specifying when funds are considered attached, particularly for electronically deposited exempt funds. It also grants debtors broader immunity from prosecution for statements made during judgment debtor examinations, protecting them from self-incrimination.

Business and Industry

https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=417