Assembly Bill A5016

2021-2022 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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2021-A5016 (ACTIVE) - Details

See Senate Version of this Bill:
S3250
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
2017-2018: A6965, S4755
2019-2020: A7146, S9043

2021-A5016 (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.

2021-A5016 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5016
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 10, 2021
                                ___________
 
 Introduced by M. of A. McDONALD -- read once and referred to the Commit-
   tee 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.
                                                            LBD06103-01-1

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