SB1059 Summary

• Caps interest rates on medical debt at the lesser of the weekly average one-year Treasury yield or 3 percent annually, with the same cap applying to judgments on medical debt.

• Sets the default interest rate on non-medical loans and judgments at 10 percent annually unless a different rate is contracted in writing.

• Changes judgment interest rates on non-medical cases to the lesser of 10 percent annually or 1 percent plus the prime rate as published by the Federal Reserve, with rates adjusting on the first business day following Federal Reserve publication.

• Prohibits courts from awarding prejudgment interest or post-judgment interest on unliquidated damages, future damages, punitive damages, or exemplary damages.

• Applies condemnation judgment interest rates according to rates prescribed by specific statutes for cities, counties, the Department of Transportation, and flood control districts.