CO HB1305

Changes the default statutory interest rate from 8% per annum compounded annually to 2 percentage points above the federal reserve bank of Kansas City's discount rate charged to commercial banks, rounded to the nearest full percent.

Shifts the certification date for statutory interest rates from December 31 to January 2 each year, with the new rate effective as of January 1 of the same year.

First new rate under this formula takes effect January 1, 2013, based on the discount rate as of January 2, 2013.

Applies to interest calculations on appealed judgments and personal injury damages, clarifying language in the existing personal injury interest statute.

Takes effect January 1, 2013, subject to referendum petition within 90 days after final adjournment of the general assembly; applies only to moneys coming due and causes of action accruing on or after the effective date.