MN HF4585

Exempts payments received under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), Public Law 116-136, from attachment, execution, levy, and other legal creditor processes.

Adds subdivision 27 to Minnesota Statutes section 550.37 to protect debtors' right to receive CARES Act payments from creditor claims.

Amends subdivision 20 (Traceable funds) to include the new CARES Act exemption in the list of fund protections that remain exempt when deposited in financial institutions if traceable to their exempt source.

Uses the first-in first-out accounting method to trace exempt funds, with the burden of proof on the debtor to establish funds are exempt.

Becomes effective the day following final enactment.