Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Apr 29, 2020 |
print number 7946b |
Apr 29, 2020 |
amend and recommit to judiciary |
Apr 22, 2020 |
print number 7946a |
Apr 22, 2020 |
amend (t) and recommit to judiciary |
Mar 04, 2020 |
referred to judiciary |
Senate Bill S7946B
2019-2020 Legislative Session
Sponsored By
(D) 6th Senate District
Archive: Last Bill Status - In Senate Committee Judiciary 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
Bill Amendments
2019-S7946 - Details
- See Assembly Version of this Bill:
- A10479
- Current Committee:
- Senate Judiciary
- Law Section:
- Civil Practice Law and Rules
- Laws Affected:
- Amd §5004, CPLR
2019-S7946 - Sponsor Memo
BILL NUMBER: S7946 Revised 5/18/20 SPONSOR: THOMAS TITLE OF BILL: 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 credit transactions PURPOSE OR GENERAL IDEA OF BILL: To limit interest rates on judgments for consumer debt. SUMMARY OF PROVISIONS: Section one amends the civil practice law by capping the interest rate on judgments arising from consumer debt at the one year US Treasury bill rate. Consumer debt means any obligation of a natural person to pay money. The Office of Court Administration (OCA) is responsible for calculating and publishing the weekly rate on the last day of each week. The rate of interest, as concerns judgments on consumer debt, shall be
2019-S7946 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7946 I N S E N A T E March 4, 2020 ___________ Introduced by Sen. THOMAS -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary 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 credit transactions 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 CREDIT TRANSACTION WHERE A PURCHAS- ER, 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. § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD15601-01-0
2019-S7946A - Details
- See Assembly Version of this Bill:
- A10479
- Current Committee:
- Senate Judiciary
- Law Section:
- Civil Practice Law and Rules
- Laws Affected:
- Amd §5004, CPLR
2019-S7946A - Sponsor Memo
BILL NUMBER: S7946A SPONSOR: THOMAS TITLE OF BILL: 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 PURPOSE OR GENERAL IDEA OF BILL: To cap interest rates on judgements for consumer credit transactions. SUMMARY OF PROVISIONS: Section one amends the civil practice law by capping the interest rate on judgements arising from consumer debt at the one year US Treasury bill rate. Consumer debt means any obligation of a natural person to pay money Office of Court Administration (OCA) is responsible for calculat- ing and publishing the weekly rate on the last day of each week. The rate of interest can never be greater than three percent.
2019-S7946A - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7946--A I N S E N A T E 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 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 THE DEPARTMENT'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
co-Sponsors
(D) 36th Senate District
(D, WF) 28th Senate District
(D) 20th Senate District
(D) 32nd Senate District
2019-S7946B (ACTIVE) - Details
- See Assembly Version of this Bill:
- A10479
- Current Committee:
- Senate Judiciary
- Law Section:
- Civil Practice Law and Rules
- Laws Affected:
- Amd §5004, CPLR
2019-S7946B (ACTIVE) - Sponsor Memo
BILL NUMBER: S7946B Revised 6/4/2020 SPONSOR: THOMAS TITLE OF BILL: 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 PURPOSE OR GENERAL IDEA OF BILL: To cap interest rates on judgements for consumer debt. SUMMARY OF PROVISIONS: Section one amends the civil practice law by capping the interest rate on judgements arising from consumer debt at the one year US Treasury bill rate. Consumer debt means any obligation of a natural person to pay money. The Office of Court Administration (OCA) is responsible for calculating and publishing the weekly rate on the last day of each week. The rate of interest, as concerns judgments on consumer debt, shall an be capped at never be greater than three percent.
2019-S7946B (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7946--B I N S E N A T E 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: 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.
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