HB5480 Summary

• Increases motor vehicle exemption from $2,400 to $10,000 for debtor's interest in any one motor vehicle protected from judgment and attachment.

• Raises exemption for implements, professional books, and tools of trade from $1,500 to $7,500 in value.

• Increases exemption for other personal property from $4,000 to $50,000 in equity value.

• Protects up to $4,000 in checking or savings accounts from garnishment until a hearing is held and the debtor has opportunity to designate which personal property the exemption applies to.

• Requires financial institutions to not freeze or turn over account amounts of $4,000 or less upon receiving a citation to discover assets, and to inform the court and judgment creditor of the exempt amount.