The bill amends the Uniform Limited Liability Company Act to clarify the provisions regarding charging orders. It expands the definition of who can apply for a charging order by including not only judgment creditors of a member or transferee but also any other owner of a membership interest in a limited liability company. The bill specifies that a charging order constitutes a lien on the judgment debtor's membership interest and outlines the rights of the judgment creditor, which are limited to receiving distributions that the judgment debtor would otherwise be entitled to. Additionally, it establishes that the entry of a charging order is the exclusive remedy for a judgment creditor seeking to satisfy a judgment from a member's interest.

Furthermore, the bill includes provisions that prevent the foreclosure of a charging order lien under certain circumstances and clarifies that the charging order does not deprive members or other owners of their exemptions applicable to their membership interests. It also states that creditors do not have the right to possess or exercise remedies over the property of the limited liability company. The amendments aim to provide clearer guidelines for the enforcement of charging orders while protecting the rights of members and owners within limited liability companies.