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ID S1282
Bill
Status
Engrossed
2/27/2014
Primary Sponsor
Commerce and Human Resources Committee
Click for details
AI Summary
- Reduces the default legal rate of interest from 12 cents to 7.5 cents per hundred dollars per year when no express written contract specifies a different rate
- Applies the reduced rate to money due by contract, money lent, money retained without owner's consent, and open accounts after three months
- Maintains the judgment interest rate at 5% plus a variable base rate determined annually by the Idaho state treasurer on July 1
- Base rate for judgments continues to be calculated using the weekly average yield on one-year U.S. treasury securities, rounded up to the nearest 1/8 percent
- Judgment interest calculations remain based on a 365-day year
Legislative Description
Amends existing law to provide that interest is allowed at the rate of 7.5 cents.
LEGAL RATE OF INTEREST
Last Action
U.C. to be returned to Ways & Means Committee
3/20/2014
Committee Referrals
Business2/28/2014
Judiciary and Rules2/5/2014
Full Bill Text
No bill text available