The proposed bill seeks to amend the Code of West Virginia by introducing a new section, 46A-2-141, which aims to exempt specific classes of property from being subject to collection, judgment, or garnishment due to defaults on consumer credit or installment obligations. This section is applicable to permanent residents of West Virginia and outlines various types of assets that are protected. These include head of household wages up to a specified minimum, annuities or life insurance proceeds, a portion of the assessed value of a homestead, tax-advantaged retirement accounts, disability or death benefit income, prepaid college funding accounts, and social security income.

The bill's intent is to enhance consumer protection by ensuring that certain essential assets remain safe from creditors, thereby providing financial security to individuals facing economic hardships. By clearly defining the classes of property that are exempt, the legislation aims to create a more supportive environment for residents struggling with debt while maintaining a balance with creditors' rights.

Statutes affected:
Introduced Version: 46A-2-141