Bill Text: IA HF515 | 2011-2012 | 84th General Assembly | Introduced
Bill Title: A bill for an act relating to the interest rate on weekly workers' compensation payments that are not paid when due and including applicability date provisions. (Formerly HF 311)
Spectrum: Committee Bill
Status: (Introduced - Dead) 2011-12-31 - END OF 2011 ACTIONS [HF515 Detail]
Download: Iowa-2011-HF515-Introduced.html
House
File
515
-
Introduced
HOUSE
FILE
515
BY
COMMITTEE
ON
LABOR
(SUCCESSOR
TO
HF
311)
(COMPANION
TO
LSB
1780SS
BY
WARD)
A
BILL
FOR
An
Act
relating
to
the
interest
rate
on
weekly
workers’
1
compensation
payments
that
are
not
paid
when
due
and
2
including
applicability
date
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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H.F.
515
Section
1.
Section
535.3,
subsection
1,
Code
2011,
is
1
amended
to
read
as
follows:
2
1.
Interest
shall
be
allowed
on
all
money
due
on
judgments
3
and
decrees
of
courts
at
a
rate
calculated
according
to
section
4
668.13
,
except
.
However,
for
interest
due
pursuant
to
section
5
85.30
for
which
the
rate
shall
be
ten
percent
per
year
interest
6
shall
accrue
from
the
date
each
weekly
compensation
payment
is
7
due
at
an
annual
rate
equal
to
the
one-year
treasury
constant
8
maturity
published
by
the
federal
reserve
in
the
H15
report
9
settled
immediately
prior
to
or
on
July
1
each
year
plus
two
10
percent,
applicable
to
all
weekly
compensation
payments
due
11
during
the
fiscal
year
beginning
on
July
1
and
ending
the
12
following
June
30
.
13
Sec.
2.
APPLICABILITY.
This
Act
applies
to
interest
due
14
pursuant
to
section
85.30
on
weekly
compensation
payments
15
payable
for
personal
injuries
arising
out
of
and
in
the
course
16
of
employment
under
chapters
85,
85A,
and
85B,
that
occur
on
17
or
after
July
1,
2011.
18
EXPLANATION
19
This
bill
provides
that
the
interest
rate
on
weekly
workers’
20
compensation
payments
that
are
not
paid
when
due
is
equal
21
to
the
one-year
treasury
constant
maturity
published
by
the
22
federal
reserve
in
the
H15
report
settled
immediately
prior
23
to
July
1
plus
2
percent
for
all
weekly
compensation
payments
24
due
during
the
fiscal
year
beginning
on
July
1
and
ending
25
the
following
June
30.
The
bill
is
applicable
to
injuries
26
compensable
under
the
state’s
workers’
compensation
laws
that
27
occur
on
or
after
July
1,
2011.
Currently,
the
interest
rate
28
on
such
weekly
workers’
compensation
payments
not
paid
when
29
due,
is
10
percent
per
year.
30
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