Can you tell me about the Exempt Income Protection Act?
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The Exempt Income Protection Act (EIPA) is a New York state law that became effective January 1, 2009. According to information about the law posted on the website of the State of New York Banking Department, the law's purpose is "to ensure that vulnerable New Yorkers do not lose access to the funds required to meet their basic needs." Essentially, it protects certain balances in consumers' bank deposits from debt collection or attachment, and, in particular, protects deposit accounts that receive certain forms of protected income electronically or by direct deposit.
For details on the amounts protected and the types of income specifically protected, review the information provided by the New York Banking Department. That page also has a link to the complete text of the EIPA. The EIPA only applies to New York state. Other states may have similar laws.
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The Exempt Income Protection Act (EIPA) is a New York state law that became effective January 1, 2009. According to information about the law posted on the website of the State of New York Banking Department, the law's purpose is "to ensure that vulnerable New Yorkers do not lose access to the funds required to meet their basic needs." Essentially, it protects certain balances in consumers' bank 