VA HB601

Establishes a minimum protected account balance of $1,000 that financial institutions must automatically exempt from garnishment, with this amount adjusted every three years based on the Consumer Price Index

Requires financial institutions to conduct account reviews upon receiving garnishment summons to identify benefit payments deposited within the preceding two months that qualify for automatic exemption

Protects specific federal benefit payments from garnishment including Social Security, Supplemental Security Income, veterans' benefits, federal civil service retirement, and Railroad Retirement Board benefits

Exempts certain Virginia state benefit payments from garnishment including unemployment compensation, public assistance, workers' compensation, and child support payments

Updates garnishment notice forms to inform judgment debtors about automatic exemptions while preserving their right to claim additional exemptions through a court hearing process