Assembly Bill A6965

2017-2018 Legislative Session

Relates to the rate of interest to be paid on judgments and accrued claims

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2017-A6965 (ACTIVE) - Details

See Senate Version of this Bill:
S4755
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add §7-a, Bank L; amd §5004, CPLR
Versions Introduced in Other Legislative Sessions:
2011-2012: S3751
2013-2014: S3114
2015-2016: S5207
2019-2020: A7146, S9043
2021-2022: A5016, S3250

2017-A6965 (ACTIVE) - Summary

Relates to the rate of interest to be paid on judgments and accrued claims; ties the rate of interest to the maturity treasury yield as published by the federal reserve.

2017-A6965 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6965
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 28, 2017
                                ___________
 
 Introduced  by  M.  of  A.  SCHIMMINGER -- read once and referred to the
   Committee on Banks
 
 AN ACT to amend the banking law and the civil practice law and rules, in
   relation to the rate of interest to be paid upon judgments and accrued
   claims
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The banking law is amended by adding a new section 7-a to
 read as follows:
   § 7-A. RATE OF INTEREST ON MONEY JUDGMENTS. UNLESS OTHERWISE  PROVIDED
 BY  CONTRACT  OR ANY OTHER PROVISION OF LAW, THE INTEREST ON MONEY JUDG-
 MENTS SHALL BE CALCULATED AT A RATE EQUAL TO THE WEEKLY AVERAGE ONE YEAR
 CONSTANT MATURITY TREASURY YIELD, AS PUBLISHED BY THE BOARD OF GOVERNORS
 OF THE FEDERAL RESERVE SYSTEM, FOR THE CALENDAR WEEK PRECEDING THE  DATE
 OF  THE  ENTRY  OF THE JUDGMENT AWARDING DAMAGES, EXCEPT WHERE OTHERWISE
 PROVIDED BY STATUTE. IN NO EVENT, HOWEVER, SHALL THE RATE OF INTEREST ON
 ANY JUDGMENT OR ACCRUED CLAIM EXCEED NINE PER CENTUM PER ANNUM.
   § 2. Section 5004 of the civil practice law and rules, as  amended  by
 chapter 258 of the laws of 1981, is amended to read as follows:
   §  5004.  Rate of interest. Interest shall be [at the rate of nine per
 centum per annum] CALCULATED AT A RATE EQUAL TO THE WEEKLY  AVERAGE  ONE
 YEAR  CONSTANT  MATURITY  TREASURY  YIELD,  AS PUBLISHED BY THE BOARD OF
 GOVERNORS OF THE FEDERAL RESERVE SYSTEM, FOR THE CALENDAR WEEK PRECEDING
 THE DATE OF THE ENTRY OF THE JUDGMENT  AWARDING  DAMAGES,  except  where
 otherwise  provided by statute.  IN NO EVENT, HOWEVER, SHALL THE RATE OF
 INTEREST ON ANY JUDGMENT OR ACCRUED CLAIM EXCEED  NINE  PER  CENTUM  PER
 ANNUM.
   § 3. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10230-01-7

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