MN HF3550

Amends Minnesota Statutes section 549.09 to exempt judgments and awards against the state and political subdivisions from the 10 percent annual interest rate applied to other judgments over $50,000.

Requires interest on judgments against the state or political subdivisions of $50,000 or less to be computed as simple interest per annum based on the secondary market yield of one-year United States Treasury bills, rounded to the nearest one percent or four percent, whichever is greater.

Establishes a process where the state court administrator determines the annual interest rate by December 20th each year based on Federal Reserve data and communicates the rate to court administrators and sheriffs.

Applies the new interest rate calculation to judgments and awards finally entered on or after the bill's effective date.

Excludes workers' compensation cases, future damages, punitive damages, and portions of judgments based on interest or costs from interest calculations.