This bill amends section 222.22 of the Florida Statutes to expand the exemption of certain assets from legal processes. It introduces new subsections (6) and (7), which specifically exempt moneys related to "homeowner savings plans" and "qualified home disaster mitigation and recovery expenses accounts" from attachment, levy, garnishment, or any legal process in favor of creditors. The term "homeowner savings plan" is defined as a plan that allows homestead property owners to reduce their taxable income, with savings being reinvested into the plan for homeownership-related expenses.

Additionally, the bill stipulates that the provisions regarding homeowner savings plans will only take effect if the Federal Government grants tax-exempt or tax-deferred status to such plans. The act is set to take effect on July 1, 2025. The bill also removes the reference to hurricane savings accounts from the existing exemptions in the law.