AN ACT ESTABLISHING A DEBT COLLECTION EXEMPTION RELATING TO JOINT ACCOUNTS.

SB 300 creates a new exemption from debt collection for funds in joint bank accounts where a person has no legal ownership interest (equitable interest). Specifically, it adds a provision protecting "any part of the balance of an account deemed a joint account" if the debtor lacks equitable interest in it. This directly affects individuals who co-own accounts with others (e.g., a spouse or family member) but did not incur the debt. The exemption applies to funds in such accounts, preventing creditors from seizing those specific amounts during collection efforts. The bill takes effect October 1, 2026.