Bill Text: NY S07946 | 2019-2020 | General Assembly | Amended
Bill Title: Provides that the rate of interest on money judgments in actions involving consumer credit transactions shall be calculated at the one-year United States treasury bill rate.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Introduced - Dead) 2020-04-29 - PRINT NUMBER 7946B [S07946 Detail]
Download: New_York-2019-S07946-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 7946--B IN SENATE March 4, 2020 ___________ Introduced by Sen. THOMAS -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the civil practice law and rules, in relation to the rate of interest charged on money judgments arising out of consumer debt The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 5004 of the civil practice law and rules, as 2 amended by chapter 258 of the laws of 1981, is amended to read as 3 follows: 4 § 5004. Rate of interest. Interest shall be at the rate of nine per 5 centum per annum, except where otherwise provided by statute; provided 6 the annual rate of interest to be paid on a judgment or accrued claim in 7 an action arising out of a consumer debt where a purchaser, borrower or 8 debtor is a defendant shall be calculated at the one-year United States 9 treasury bill rate. For the purposes of this section, the "one-year 10 United States treasury bill rate" means the weekly average one-year 11 constant maturity treasury yield, as published by the board of governors 12 of the federal reserve system, for the calendar week preceding the date 13 of the entry of the judgment awarding damages. The weekly rate of inter- 14 est shall be calculated by the office of court administration and 15 published for permanent public access on such office's website on the 16 last business day of each week. In no event shall the rate of interest 17 exceed three per centum per annum. For the purposes of this section, 18 "consumer debt" means any obligation or alleged obligation of any 19 natural person to pay money arising out of a transaction in which the 20 money, property, insurance or services which are the subject of the 21 transaction are primarily for personal, family or household purposes, 22 whether or not such obligation has been reduced to judgment, including, 23 but not limited to, a consumer credit transaction, as defined in subdi- 24 vision (f) of section one hundred five of this chapter. 25 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD15601-05-0