; and (D) by adding at the end the following new paragraphs: (2) Assignment of benefits (A) In general The right of any person to any applicable payment shall not be transferable or assignable, at law or in equity, and no applicable payment shall be subject to execution, levy, attachment, garnishment, or other legal process or the operation of any bankruptcy or insolvency law. (B) Encoding of payments As soon as practicable, in the case of an applicable payment that is paid electronically by direct deposit through the Automated Clearing House (ACH) network, the Secretary of the Treasury shall issue the payment using a unique identifier that is reasonably sufficient to allow a financial institution to identify the payment as a payment protected under subparagraph (A). The Secretary shall further encode the payment pursuant to the same specifications as required for a benefit payment (as defined in section 212.3 of section 31, Code of Federal Regulations). (C) Garnishment (i) Encoded payments Upon receipt of a garnishment order that applies to an account that has received an applicable payment that is encoded as provided in subparagraph (B), a financial institution shall follow the requirements and procedures set forth in part 212 of title 31, Code of Federal Regulations, except a financial institution shall not, with regard to any applicable payment, be required to provide the notice referenced in section 212.6 or 212.7 of such title 31. This paragraph shall not alter the status of payments as tax refunds or other nonbenefit payments for purpose of any reclamation rights of the Department of Treasury or the Internal Revenue Service as per part 210 of such title 31. (ii) Other payments If a financial institution receives a garnishment order, other than an order that has been served by the United States, that applies to an account into which an applicable payment that has not been encoded as provided in subparagraph (B) has been deposited electronically or by check on any date in the lookback period, the financial