Bill
HB 2103
House Bill 2103 protects West Virginia residents by exempting wages, retirement accounts, and essential assets from creditor collections, ensuring financial stability.
Bill Number: HB 2103
Title: Provide Certain Classes of Property Protections from Creditor Collections
Status: Markup Discussion
Introduced: February 12, 2025
Classification: Bill
Subject: Consumer Protection
House Bill 2103 aims to enhance consumer protection for permanent residents of West Virginia by exempting specific classes of assets from creditor collections, judgments, or garnishments related to consumer credit or installment obligations. The bill seeks to safeguard essential resources that individuals rely on for their livelihood and financial stability.
The bill proposes the addition of a new section, §46A-2-141, to the Code of West Virginia, which outlines the following classes of property that would be exempt from creditor collections:
Wages: Head of household wages up to the federal or state minimum wage, calculated at a full-time rate of 50 hours per week for 52 weeks per year. Wages exceeding this threshold would remain subject to garnishment.
Annuities and Life Insurance: Proceeds from annuities or life insurance policies paid to the debtor, including any applicable cash surrender value.
Homestead Exemption: The first $5,000 of assessed value of a homestead used and occupied exclusively for residential purposes by the owner.
Retirement Accounts: Tax-advantaged retirement accounts, including Roth IRAs, traditional IRAs, and 401(k) plans.
Disability and Death Benefits: Income derived from disability or death benefits.
Prepaid College Funding Accounts: Funds in prepaid college funding accounts.
Social Security Income: Income received from Social Security.
This bill primarily affects permanent residents of West Virginia who may face creditor collections due to consumer credit or installment obligations. By protecting certain assets, the legislation aims to provide financial security and peace of mind to individuals and families, ensuring they retain access to essential resources.
The bill is currently under discussion in the markup phase, indicating that legislators are reviewing and potentially amending the proposed language before further consideration.
House Bill 2103 represents a significant step towards enhancing consumer protection in West Virginia by safeguarding vital assets from creditor actions. If enacted, it would provide essential financial protections for individuals facing economic challenges, thereby promoting stability and security for families across the state.
Compiled from official sources — confirm details with the bill’s official record.
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