SB 300 — AN ACT ESTABLISHING A DEBT COLLECTION EXEMPTION RELATING TO JOINT ACCOUNTS.

Senate General Assembly FileSubstitute Bill No.

125300 February Session, 2026 SubstituteAN SenateACT BillESTABLISHING No.A DEBT COLLECTION EXEMPTION RELATING TO JOINT ACCOUNTS.

300 Senate, March 23, 2026 The Committee on Banking reported through SEN.

MILLER of the 27th Dist., Chairperson of the Committee on the part of the Senate, that the substitute bill ought to pass.

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

sSB300(5) /Health Fileand No.disability insurance payments;

125 1 sSB300 File No.

125 (5) Health and disability insurance payments;

(7)LCO Workers'1 compensation,of Social4 Security,Substitute veteransBill andNo. unemployment benefits;

300 (7) Workers' compensation, Social Security, veterans and unemployment benefits;

(17) All moneys due the exemptioner from any insurance company on any insurance policy issued on exempt property, to the same extent sSB300that /the Fileproperty No.was exempt;

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125 that the property was exempt;

(19)LCO Any2 interest of the4 exemptionerSubstitute notBill toNo. exceed in value four thousand dollars in any accrued dividend or interest under, or loan value of, any unmatured life insurance contract owned by the exemptioner under which the insured is the exemptioner or an individual of whom the exemptioner is a dependent;

300 (19) Any interest of the exemptioner not to exceed in value four thousand dollars in any accrued dividend or interest under, or loan value of, any unmatured life insurance contract owned by the exemptioner under which the insured is the exemptioner or an individual of whom the exemptioner is a dependent;

sSB300This /act Fileshall No.take effect as follows and shall amend the following sections:

125 3 sSB300 File No.

125 This act shall take effect as follows and shall amend the following sections:

sSB300LCO /3 Fileof 4 Substitute Bill No.

125300 4JUD sSB300Joint FileFavorable No.LCO 4 of 4

125 The following Fiscal Impact Statement and Bill Analysis are prepared for the benefit of the members of the General Assembly, solely for purposes of information, summarization and explanation and do not represent the intent of the General Assembly or either chamber thereof for any purpose.

In general, fiscal impacts are based upon a variety of informational sources, including the analyst’s professional knowledge.

Whenever applicable, agency data is consulted as part of the analysis, however final products do not necessarily reflect an assessment from any specific department.

OFA Fiscal Note State Impact:

None Municipal Impact:

None Explanation Thebillexemptsfundsinajointaccountinwhichthedebtorisnamed but has no equitable interest from debt collection and results in no fiscal impact to the state.

sSB300 / File No.

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125 OLR Bill Analysis sSB 300 AN ACT ESTABLISHING A DEBT COLLECTION EXEMPTION RELATING TO JOINT ACCOUNTS.

SUMMARY By law, certain types and amounts of property, income, and assets are exempt from debt collection (i.e.

attachment and post-judgment collections).

This bill expands the list of exempt property to include any funds in a joint account held by a bank or credit union that (1) the debtor has no equitable ownership interest in and (2) another holder on the account deposited or acquired for his or her sole benefit.

Under thelawandthe bill, a“joint account”is a bank deposit account or a credit union share account in the names of at least two individuals where the account balance can be paid to any of the individuals named on the account or any of their survivors.

EFFECTIVE DATE:

October 1, 2026 COMMITTEE ACTION Banking Committee Joint Favorable Substitute Yea 10 Nay 3 (03/10/2026) sSB300 / File No.

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