Bill Text: IL HB5487 | 2017-2018 | 100th General Assembly | Introduced
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.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2019-01-08 - Session Sine Die [HB5487 Detail]
Download: Illinois-2017-HB5487-Introduced.html
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1 | AN ACT concerning civil law.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Code of Civil Procedure is amended by | |||||||||||||||||||
5 | changing Section 2-1303 as follows:
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6 | (735 ILCS 5/2-1303) (from Ch. 110, par. 2-1303)
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7 | Sec. 2-1303. Interest on judgment. | |||||||||||||||||||
8 | (a) Judgments recovered in
any court shall draw interest at | |||||||||||||||||||
9 | the rate of 9% per annum from the date
of the judgment until | |||||||||||||||||||
10 | satisfied at the rate of: | |||||||||||||||||||
11 | (1) or 6% per annum when the judgment debtor is a unit
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12 | of local government, as defined in Section 1 of Article VII | |||||||||||||||||||
13 | of the Constitution,
a school district, a community college | |||||||||||||||||||
14 | district, or any other governmental
entity | |||||||||||||||||||
15 | (2) 2% per annum for judgments of $50,000 or less that | |||||||||||||||||||
16 | do not include any compensation for bodily injury or death; | |||||||||||||||||||
17 | and | |||||||||||||||||||
18 | (3) 9% per annum in all other cases . | |||||||||||||||||||
19 | (b) When judgment is entered upon any award, report or | |||||||||||||||||||
20 | verdict, interest
shall be computed at the applicable above | |||||||||||||||||||
21 | rate, from the time when made or rendered
to the time of | |||||||||||||||||||
22 | entering judgment upon the same, and included in the judgment.
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23 | Interest shall be computed and charged only on the unsatisfied |
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1 | portion of
the judgment as it exists from time to time. The | ||||||
2 | judgment debtor may by
tender of payment of judgment, costs and | ||||||
3 | interest
accrued to the date of tender, stop the further | ||||||
4 | accrual of interest on such
judgment notwithstanding the | ||||||
5 | prosecution of an appeal, or other steps to
reverse, vacate or | ||||||
6 | modify the judgment.
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7 | (Source: P.A. 85-907.)
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8 | Section 99. Effective date. This Act takes effect upon | ||||||
9 | becoming law.
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