CT HB05491

Increases the amount financial institutions must leave in a judgment debtor's account from $1,000 to $1,000 when no exempt federal benefits or Social Security deposits were made during the look-back period.

Increases the protected amount to $2,000 (previously $1,000) when electronic direct deposits of exempt federal veterans' benefits or Social Security benefits were made to the account during the 60-day period before execution is served.

Clarifies that financial institutions may not serve the same execution on multiple institutions simultaneously and must wait for confirmation of insufficient funds before serving another institution (within 45 days).

Removes language limiting financial institution liability to funds "of up to one thousand dollars" and "in good faith," making institutions fully liable for nonexempt funds improperly paid to judgment creditors.

Takes effect October 1, 2018, and amends Connecticut General Statutes Section 52-367b regarding bank account executions and exempt fund protections.