Bill > A01538

This bill amends the civil practice law and rules to tie the rate of interest on a judgment for medical debt to the one-year United States treasury bill rate, which must be published monthly by the Office of Court Administration. The bill defines "medical debt" as any obligation to pay for medical care provided by a hospital or healthcare professional. The interest rate on medical debt judgments will be the lesser of the one-year treasury bill rate or 3% per annum, as opposed to the standard 9% per annum rate. The bill applies to all judgments entered on or after the 45th day after it becomes law.