Minnesota SF1606 modifies exemptions for garnishment and bankruptcy, exempting up to $1,000 in a debtor's depository account.

Minnesota SF1606 amends state statutes to modify exemptions for garnishment and bankruptcy. It introduces a new exemption for up to $1,000 in a debtor's depository account, regardless of the money's source. This exemption is in addition to other exemptions available under state law. The bill also outlines the duties of financial institutions and garnishees in handling garnishment summons and exemption notices. Effective August 1, 2025, this legislation applies to causes of action commenced on or after that date.

Minnesota SF1606 modifies exemptions for garnishment and bankruptcy, exempting up to $1,000 in a debtor's depository account.

Minnesota SF1606 amends state statutes to modify exemptions for garnishment and bankruptcy. It introduces a new exemption for up to $1,000 in a debtor's depository account, regardless of the money's source. This exemption is in addition to other exemptions available under state law. The bill also outlines the duties of financial institutions and garnishees in handling garnishment summons and exemption notices. Effective August 1, 2025, this legislation applies to causes of action commenced on or after that date.