Amendment AA1-AB504

LRBa0661/1

ARG:cdc

2019 - 2020 LEGISLATURE

ASSEMBLY AMENDMENT 1, TO ASSEMBLY BILL 504

October 24, 2019 - Offered by Representative Katsma.

AB504-AA1,1,1 At the locations indicated, amend the bill as follows:

AB504-AA1,1,3 1. Page 1, line 11: delete “P.O.D. accounts and loan obligations to financial institutions;".

AB504-AA1,1,4 2. Page 25, line 6: on lines 6 and 7, delete “14th" and substitute “ 30th".

AB504-AA1,1,6 3. Page 25, line 9: delete the material beginning with that line and ending with page 26, line 12.

AB504-AA1,2,4 4. Page 26, line 24: delete the material beginning with “for" and ending with “complaint" on page 27, line 2, and substitute “to the creditor for the property in its possession, in an amount up to the garnishable amount in the account or accounts, as of the time the financial institution is first reasonably able to put the garnishment into effect, but no later than the end of the 2nd business day after the business day on which the garnishee summons and complaint is received by the financial institution. Any property that leaves the possession of the financial institution within that time frame, but before the financial institution is able to put the garnishment into effect, shall not be subject to the garnishment and the financial institution shall have no responsibility to attempt to secure the return of such property and no liability to the creditor for such property”.

AB504-AA1,2,5 (End)