What's New? NYS Exemption for Restraining Notices and Levies Increased

Under New York’s Exempt Income Protection Act (“EIPA”), certain funds in deposit accounts are exempt from most restraining notices and levies. One exemption under the EIPA is for the direct deposit or electronic payment of certain statutorily exempt funds (such as social security) into a deposit account, with the amount of the exemption adjusted every three years based on inflation. That amount has increased to $3,425 as of April 1, 2024. See Exemptions to Adverse Claims, New York Rules in The Gold Book for further details.