IL HB0530

Allows courts to prospectively reduce judgment interest rates to as low as 3% per annum when judgment debtors qualify as "family supporters" entitled to relief, considering dependent needs and debtor's ability to meet them.

Permits courts to reduce wage garnishment amounts when judgment debtors are "family supporters" and full garnishment would deny necessities to dependents under age 18 or disabled dependents residing with them.

Defines "family supporter" as individuals who support and reside with dependent children under 18 or disabled adults, with qualifying relationships including parent, stepparent, child, sibling, aunt, uncle, grandparent, or guardian.

Requires wage deduction notices to inform judgment debtors of their rights to request hearings for wage garnishment reductions and interest rate reductions if they qualify as family supporters.

Allows any party to request readjustment of reduced interest rates based on relevant changes in circumstances.