4.__Effect of levy.__A notice is effective:

A.__At the time of delivery against all property, rights to property, credits and debts involving the delinquent employer that are not, as of the date of the notice, subject to a preexisting lien, attachment, garnishment or execution issued through a judicial process; and

B.__Against all property, rights to property, credits and debts involving the delinquent employer that come into the possession or control of the person served with the notice within the period of 60 calendar days described in this section.

A person acting in accordance with the terms of the notice of freeze or levy issued by the Director of Unemployment Compensation is discharged from any obligation or liability to the delinquent employer with respect to the affected property, rights to property, credits and debts of the person affected by compliance with the notice of freeze or levy.

5.__Property subject to levy.__The delinquent employer property subject to levy includes:

A.__A credit, bank or savings account or deposit that is subject to execution pursuant to Title 14, section 4751; or

B.__Any other interest or personal property that is not exempt from attachment or execution pursuant to Title 14, sections 4421 to 4426.

SUMMARY

This bill is submitted pursuant to a law that directed the Department of Labor to submit legislation recommending a plan to provide for long-term solvency of the Unemployment Compensation Fund.

The bill does the following:

1. Raises the taxable wage base from $7,000 to $12,000 effective January 1, 2000;