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AR SB532
Bill
Status
Failed
4/25/2019
Primary Sponsor
Missy Irvin
Click for details
AI Summary
- Amends Arkansas Code § 16-65-114 to replace fixed 10% interest rates with variable rates based on the Federal Reserve primary credit rate plus 2%
- For contract actions, judgment interest equals either the rate specified in the contract or the Federal Reserve primary credit rate plus 2%, whichever is greater
- For all other actions, judgment interest equals the Federal Reserve primary credit rate in effect on the judgment date plus 2%
- Caps all judgment interest rates at the maximum rate permitted under Arkansas Constitution, Amendment 89
- Maintains existing exemption preventing judgments against counties on county warrants or indebtedness from bearing interest
Legislative Description
To Establish Prejudgment And Post-judgment Interest Rates.
Last Action
Sine Die adjournment
4/25/2019
Committee Referrals
Judiciary3/12/2019
Full Bill Text
No bill text available