Senate Bill 16-184: Market-Based Interest Rates On Judgments

• Eliminates the 8% floor on postjudgment interest rates, allowing the rate to fluctuate at 2 percentage points above the Kansas City federal reserve discount rate.

• Ties the interest rate for personal injury tort damages to the market-based postjudgment interest rate under Section 5-12-106, replacing the fixed 9% rate established in 1975.

• Assigns the Secretary of State responsibility for certifying interest rates annually on January 2 (instead of December 31), effective January 1, with rates rounded to the nearest full percent.

• Applies the new rates to judgments entered and causes of action accruing on or after January 1, 2017, with automatic approval unless subject to a successful referendum petition filed within 90 days of final adjournment.