Bill Text: NY A07146 | 2019-2020 | General Assembly | Introduced

New York Assembly Bill 7146 (Prior Session Legislation)

Introduced

Bill Title: 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.

Spectrum: Partisan Bill (Democrat 8-0)

Status: (Introduced - Dead) 2020-01-08 - referred to banks [A07146 Detail]

Download: New_York-2019-A07146-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                          7146
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                     April 10, 2019
                                       ___________
        Introduced  by  M.  of  A.  SCHIMMINGER, D'URSO, BARRON, M. G. MILLER --
          Multi-Sponsored by -- M. of A. HYNDMAN -- 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:
     1    Section 1. The banking law is amended by adding a new section  7-a  to
     2  read as follows:
     3    §  7-a. Rate of interest on money judgments. Unless otherwise provided
     4  by contract or any other provision of law, the interest on  money  judg-
     5  ments shall be calculated at a rate equal to the weekly average one year
     6  constant maturity treasury yield, as published by the board of governors
     7  of  the federal reserve system, for the calendar week preceding the date
     8  of the entry of the judgment awarding damages,  except  where  otherwise
     9  provided by statute. In no event, however, shall the rate of interest on
    10  any judgment or accrued claim exceed nine per centum per annum.
    11    §  2.  Section 5004 of the civil practice law and rules, as amended by
    12  chapter 258 of the laws of 1981, is amended to read as follows:
    13    § 5004. Rate of interest. Interest shall be [at the rate of  nine  per
    14  centum  per  annum] calculated at a rate equal to the weekly average one
    15  year constant maturity treasury yield, as  published  by  the  board  of
    16  governors of the federal reserve system, for the calendar week preceding
    17  the  date  of  the  entry of the judgment awarding damages, except where
    18  otherwise provided by statute.  In no event, however, shall the rate  of
    19  interest  on  any  judgment  or accrued claim exceed nine per centum per
    20  annum.
    21    § 3. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11066-01-9