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MN HF1495
Bill
Status
Introduced
3/13/2013
Primary Sponsor
Mark Anderson
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AI Summary
- Eliminates separate interest rate structures for judgments of $50,000 or less versus over $50,000, applying a uniform rate based on one-year Treasury bill yields rounded to the nearest one percent with a four percent floor
- Removes the prior ten percent interest rate that applied to judgments exceeding $50,000
- Maintains provisions allowing prevailing parties to receive pre-verdict interest when settlement offers are rejected, with interest calculations based on proximity of offers to final judgments
- Clarifies that interest does not apply to workers' compensation cases (except third-party actions), future damages, punitive damages, small claims, or portions of awards for costs and attorney fees
- Effective August 1, 2013, applies to judgments and awards entered on or after that date
Legislative Description
Interest on verdicts, awards, and judgements regulated.
Last Action
Introduction and first reading, referred to Civil Law
3/13/2013
Committee Referrals
Civil Law3/13/2013
Full Bill Text
No bill text available