The proposed legislation, General Assembly Raised Bill No. 300, aims to amend Section 52-352b of the general statutes to establish a debt collection exemption specifically for joint accounts. The bill introduces a new provision that states any part of the balance of a joint account, where the exemptioner has no equitable interest, shall be exempt from debt collection. This addition is significant as it protects individuals from losing funds in joint accounts that they do not have a legal claim to, thereby providing a safeguard for those who may be facing debt collection actions.

In addition to this new insertion, the bill also repeals a previous provision regarding irrevocable transfers of money to accounts held by licensed debt adjusters for the benefit of creditors. The overall effect of these changes is to enhance the protections available to individuals in debt, particularly concerning their rights to funds held in joint accounts, while also streamlining existing exemptions related to debt collection. The bill is set to take effect on October 1, 2026.

Statutes affected:
Raised Bill: 52-352b