Bill > S1014

This bill amends the calculation of interest rates in civil actions by replacing the previous fixed 12% per annum rate with a variable rate based on the coupon issue yield equivalent of the average accepted auction price for 52-week U.S. Treasury bills. Specifically, the bill changes how interest is calculated both before and after a judgment is entered, using the most recently settled 52-week Treasury bill auction rate as determined by the U.S. Secretary of the Treasury. The interest will be added to the damages from the date the civil action is filed, applying to all civil actions except those with pre-existing contractual interest provisions. The previous provisions related to medical malpractice cases are completely removed, effectively applying this new interest rate calculation method uniformly across different types of civil actions. The bill will take effect immediately upon its passage, changing how courts calculate and add interest to monetary judgments.

Justice

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