Bill > SB54

This bill proposes to amend the existing law in West Virginia regarding the rate of interest allowed for prejudgment and post-judgment interest. The key provisions are: 1. It requires that interest on judgments or decrees for the payment of money be simple interest, not compounding, and sets the interest rate at 2 percentage points above the Fifth Federal Reserve District secondary discount rate in effect on January 2 of the year the judgment or decree is entered, with a maximum rate of 7% per annum and a minimum rate of 3% per annum. 2. It provides that any special or liquidated damages awarded shall also bear simple interest at the same rate, as calculated after the amount of any settlements. 3. It maintains that the interest rate established for a particular judgment or decree will remain constant, even if the Federal Reserve District discount rate changes in subsequent years. 4. The amendments made by this bill would become effective on January 1, 2018.

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http://www.legis.state.wv.us/Bill_Status/Bills_history.cfm?input=54&year=2017&sessiontype=RS&btype=bill