CT HB05427

Financial institutions must leave the lesser of account balance or $1,000 (or $2,000 if exempt federal benefits or wages were deposited in the prior 60 days) in a judgment debtor's account when executing a judgment, effective October 1, 2020.

Increases the threshold for calculating fair market value of repossessed motor vehicles and boats from $4,000 to $9,000, with annual adjustments by the Banking Commissioner based on consumer price index changes.

Establishes a firm 10-year statute of limitations for enforcement of small claims judgments (previously 15 years), with no extension options available.

Establishes a 20-year statute of limitations for enforcing regular court judgments and 25-year limit for filing actions based on such judgments, with no time limit for sexual assault damage cases where defendant was convicted.

Clarifies that credit card interest rates apply only to cash advances, not to purchases of goods or services, effective October 1, 2020.