What's New? Protecting New Yorkers Stimulus Payments from Debt Collectors
Monday, May 17, 2021 at 2:08PM
Banking Spectrum in New York, What's New

Governor Andrew M. Cuomo recently signed legislation (S.5923-A/A.6617-A) protecting New Yorkers' COVID-19 stimulus payments from being garnished by debt collectors. All relief payments to New Yorkers under these federal acts, including stimulus payments, tax refunds, rebates, and tax credits to support individuals and children qualified for or received prior to the effective date, will be protected. This legislation also creates a carve-out for claims brought by individuals who have an interest in the relief payments to ensure that these funds can be collected to pay child and spousal support and to collect payments in situations involving fraud. This became effective May 13, 2021.

Please see Stimulus Payment Protections in the NY Covid-10 Relief section and Statutorily Exempt Payments in the Adverse Claims section of The Gold Book for more information.

Article originally appeared on Banking Spectrum (https://www.bankingspectrum.com/).
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