AN ACT CONCERNING INTEREST RATES ON DELINQUENT MUNICIPAL BILLS.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

That the general statutes be amended to provide that municipalities may not charge an interest rate on any delinquent bill payment exceeding five per cent of the federal prime rate.

Statement of Purpose:

To keep interest rates on delinquent payments to municipalities in line with the fluctuating economy.