This bill amends section 222.22 of the Florida Statutes to expand the exemption of certain assets from legal processes. It introduces two new subsections that define and protect "homeowner savings plans" and "qualified home disaster mitigation and recovery expenses accounts." Specifically, the bill states that moneys associated with these plans and accounts are not subject to attachment, levy, garnishment, or any legal process in favor of creditors or claimants. The term "homeowner savings plan" is defined as a plan utilized by homestead property owners in Florida to reduce 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 bill also includes a deletion of "hurricane savings accounts" from the list of exempted accounts, while adding the new categories. The act is set to take effect on July 1, 2025.