S.F. No. 1512 Summary

• Amends Minnesota Statutes section 549.09 to regulate prejudgment interest on civil judgments and awards, with prevailing parties receiving interest only if their settlement offer was closer to the final judgment than the opposing party's offer.

• Establishes two-tier interest rate structure: simple interest based on one-year Treasury bill yields (minimum 4%) for judgments of $50,000 or less and judgments against the state or political subdivisions regardless of amount; 10% per annum for judgments exceeding $50,000 (excluding state/political subdivision judgments).

• Creates new section 549.101 allowing postjudgment interest at the same rate as prejudgment interest, accruing from judgment entry through any appeals, with suspension during continuances exceeding 30 days requested by the prevailing party.

• Excludes workers' compensation cases, future damages, punitive damages, and judgments under the small claims limit from receiving prejudgment interest.

• Requires state court administrator to determine annual interest rates by December 20th based on Federal Reserve Treasury yield data and communicate rates to court administrators and arbitrators.

• Effective date: August 1, 2015, for judgments and awards entered on or after that date.