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Tuesday, October 2, 2012

New hope for centralized bank levies in CA

New hope for centralized bank levies in California:


Governor Brown Signs AB 2364 into Law, Centralizing the Location for Service of Levies, Attachments and Garnishments on Financial Institutions. The Consumer Financial Services Committee (“CFSC”) is pleased to report that an Affirmative Legislative Proposal on service of levies and other process on financial institutions that was sponsored by the CFSC has now become law. This will require large banks, and permit smaller banks, to designate a central location where judgment creditors must serve levies, attachments and garnishments on deposit accounts and safe deposit boxes.

The advantage for plaintiffs such as tort victims suing underinsured or uninsured motorists, as well as debt collectors, is that they no longer will have to serve the correct branch of the bank holding the account, a requirement that was a vestige of the pre-computer era. Identifying the right branch bank for service of levies, attachments and garnishments has necessitated the costly use of orders of examination of the debtor and other procedures, and enforcement of money judgments could be frustrated by the judgment debtor’s moving money around. The advantage of the legislation for financial institutions lies in both the efficiency of centralizing this function and the reduced risk of errors by branch bank staff.
The Department of Financial Institutions is required to create a procedure for banks to designate their central locations for service, and to establish a website where judgment creditors can obtain this information.  The law goes into effect January 1, 2013.

For the text of the Bill, click here: http://www.leginfo.ca.gov/pub/11-12/bill/asm/ab_2351-2400/ab_2364_bill_20120911_enrolled.pdf


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3 comments:

  1. Hi! Thank you for sharing your thoughts about bank levy in your area. I am glad to stop by your site and know more about bank levy. Keep it up! This is a good read. I will be looking forward to visit your page again and for your other posts as well.
    Financial stability contribution (FSC), or "Bank tax," or "Bank Levy," – a tax on financial institutions’ balance sheets (most probably on their liabilities or possibly on their assets) whose proceeds would most likely be used to create an insurance fund to bail them out in any future crisis rather than making taxpayers pay for bailouts.
    Sometimes able to get the government to subordinate the lien to a lender, thus allowing the client to borrow money against his/her assets to satisfy all or part of the tax lien. Our professional team makes sure that the IRS/State have met all legal requirements for a legal tax lien filing. If any defects are discovered in this process, our team immediately appeals the filing of the tax lien.

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  2. Very nice post, thanks for sharing the information. Keep up the good work.

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  3. Hi there! great stuff here, I'm glad that I drop by your page and found this very interesting. Thanks for posting. Hoping to read something like this in the future! Keep it up!

    A bank levy is an IRS/State collection tactic, in which your bank is forced to freeze any and all of your accounts and all the funds therein. The bank must hold your funds frozen for 21 days, at the end of which, if the tax debt is not resolved, the money is transferred to the IRS/State.

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