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AR SB544
Bill
Status
Passed
4/17/2019
Primary Sponsor
Missy Irvin
Click for details
AI Summary
- Amends Arkansas Code § 16-65-114 to establish new interest rates for judgments, replacing the previous flat 10% rate with a variable rate based on the Federal Reserve primary credit rate
- For contract actions, interest shall be either the rate provided by the contract or the Federal Reserve primary credit rate plus 2%, whichever is greater
- For all other actions, interest shall equal the Federal Reserve primary credit rate in effect on the judgment date plus 2%
- Interest on judgments cannot exceed the maximum rate permitted under Arkansas Constitution, Amendment 89
- Judgments rendered against counties on county warrants or other county indebtedness shall not bear interest
Legislative Description
To Establish Prejudgment And Post-judgment Interest Rates.
Last Action
Notification that SB544 is now Act 995
4/17/2019
Committee Referrals
Judiciary3/20/2019
Judiciary3/12/2019
Full Bill Text
No bill text available