MN HF770

Eliminates the distinction between judgments of $50,000 or less and those over $50,000, applying a uniform interest calculation method to all civil judgments and awards.

Changes the interest rate calculation to the one-year Treasury bill yield plus eight percentage points for judgments or awards over $50,000, with a minimum of four percent per year, rounded to the nearest one percent.

Extends the rate-setting period from annually (each calendar year) to biennially, with the state court administrator determining rates by December 20th of odd-numbered years for use during the succeeding two calendar years.

Removes the prior ten percent per year fixed rate that applied to judgments over $50,000 and replaces it with the Treasury-based formula for all judgments regardless of amount.

Effective August 1, 2011, and applies to all judgments and awards entered on or after that date.