Bill Text: IL HB5487 | 2017-2018 | 100th General Assembly | Introduced

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Bill Title: Amends the Code of Civil Procedure. Provides that for judgments of $50,000 or less that do not include any compensation for bodily injury or death, judgments recovered in any court shall draw interest at a rate of 2% (currently 9% or 6% if the judgment debtor is a governmental entity) per annum. Effective immediately.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Failed) 2019-01-08 - Session Sine Die [HB5487 Detail]

Download: Illinois-2017-HB5487-Introduced.html

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100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 HB5487 Introduced , by Rep. Will Guzzardi SYNOPSIS AS INTRODUCED:
735 ILCS 5/2-1303 from Ch. 110, par. 2-1303
Amends the Code of Civil Procedure. Provides that for judgments of $50,000 or less that do not include any compensation for bodily injury or death, judgments recovered in any court shall draw interest at a rate of 2% (currently 9% or 6% if the judgment debtor is a governmental entity) per annum. Effective immediately.
LRB100 20529 HEP 35914 b
A BILL FOR
HB5487 LRB100 20529 HEP 35914 b
AN ACT concerning civil law.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Code of Civil Procedure is amended by
changing Section 2-1303 as follows:
(735 ILCS 5/2-1303) (from Ch. 110, par. 2-1303)
Sec. 2-1303. Interest on judgment.
(a) Judgments recovered in any court shall draw interest at
the rate of 9% per annum from the date of the judgment until
satisfied at the rate of:
(1) or 6% per annum when the judgment debtor is a unit
of local government, as defined in Section 1 of Article VII
of the Constitution, a school district, a community college
district, or any other governmental entity
(2) 2% per annum for judgments of $50,000 or less that
do not include any compensation for bodily injury or death;
and
(3) 9% per annum in all other cases.
(b) When judgment is entered upon any award, report or
verdict, interest shall be computed at the applicable above
rate, from the time when made or rendered to the time of
entering judgment upon the same, and included in the judgment.
Interest shall be computed and charged only on the unsatisfied

HB5487 - 2 - LRB100 20529 HEP 35914 b
portion of the judgment as it exists from time to time. The
judgment debtor may by tender of payment of judgment, costs and
interest accrued to the date of tender, stop the further
accrual of interest on such judgment notwithstanding the
prosecution of an appeal, or other steps to reverse, vacate or
modify the judgment.
(Source: P.A. 85-907.)
Section 99. Effective date. This Act takes effect upon
becoming law.