Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 22, 2020 |
referred to codes |
Assembly Bill A10479
2019-2020 Legislative Session
Sponsored By
WEINSTEIN
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
Actions
co-Sponsors
Andrew Hevesi
John T. McDonald III
2019-A10479 (ACTIVE) - Details
- See Senate Version of this Bill:
- S7946
- Current Committee:
- Assembly Codes
- Law Section:
- Civil Practice Law and Rules
- Laws Affected:
- Amd §5004, CPLR
2019-A10479 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10479 I N A S S E M B L Y May 22, 2020 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. Weinstein) -- read once and referred to the Committee on Codes 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: Section 1. 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, except where otherwise provided by statute; PROVIDED THE ANNUAL RATE OF INTEREST TO BE PAID ON A JUDGMENT OR ACCRUED CLAIM IN AN ACTION ARISING OUT OF A CONSUMER DEBT WHERE A PURCHASER, BORROWER OR DEBTOR IS A DEFENDANT SHALL BE CALCULATED AT THE ONE-YEAR UNITED STATES TREASURY BILL RATE. FOR THE PURPOSES OF THIS SECTION, THE "ONE-YEAR UNITED STATES TREASURY BILL RATE" MEANS 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. THE WEEKLY RATE OF INTER- EST SHALL BE CALCULATED BY THE OFFICE OF COURT ADMINISTRATION AND PUBLISHED FOR PERMANENT PUBLIC ACCESS ON SUCH OFFICE'S WEBSITE ON THE LAST BUSINESS DAY OF EACH WEEK. IN NO EVENT SHALL THE RATE OF INTEREST EXCEED THREE PER CENTUM PER ANNUM. FOR THE PURPOSES OF THIS SECTION, "CONSUMER DEBT" MEANS ANY OBLIGATION OR ALLEGED OBLIGATION OF ANY NATURAL PERSON TO PAY MONEY ARISING OUT OF A TRANSACTION IN WHICH THE MONEY, PROPERTY, INSURANCE OR SERVICES WHICH ARE THE SUBJECT OF THE TRANSACTION ARE PRIMARILY FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES, WHETHER OR NOT SUCH OBLIGATION HAS BEEN REDUCED TO JUDGMENT, INCLUDING, BUT NOT LIMITED TO, A CONSUMER CREDIT TRANSACTION, AS DEFINED IN SUBDI- VISION (F) OF SECTION ONE HUNDRED FIVE OF THIS CHAPTER. § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD15601-06-0
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