The bill amends the Revised Judicature Act of 1961 to enhance the legal framework surrounding garnishment and debt collection. It introduces new definitions for terms such as "consumer," "creditor," "earnings," and "garnishment," which clarify the conditions under which garnishment can occur and outline the responsibilities of plaintiffs and garnishees. Key provisions include the establishment of exemptions for certain types of income, such as means-tested public assistance benefits and disability benefits, and the protection of a debtor's garnishable earnings up to a specified threshold. The bill also ensures that garnishees cannot take employment-related actions against individuals solely based on their involvement in garnishment proceedings.

Additionally, the bill modifies existing laws regarding property exemptions in bankruptcy and debt collection, particularly focusing on the homestead exemption and the treatment of retirement accounts. It mandates that exemption amounts be adjusted every three years based on economic indicators and emphasizes the importance of informing debtors about their rights. The bill also establishes that debtors are entitled to a prompt hearing to contest property seizures and clarifies the definition of "consumer debt." Overall, the bill aims to improve consumer protections while allowing creditors to recover debts owed to them, with the changes set to take effect 180 days after enactment.