HB 1935 Summary

• Repeals and replaces 20 sections of Missouri law to establish a unified interest rate mechanism by referencing section 32.065 instead of various statutory rates (ranging from 1.5% to 9.5%)

• Applies the standardized interest rate from section 32.065 to tax refunds, state vendor payments, public works contracts, educational loans, workers' compensation benefits, and court judgments

• Changes specific interest rate provisions in multiple contexts including state overpayments to vendors, abandoned property assessments, securities violations, and coal mining penalties

• Modifies late payment interest for state invoices from 3 percentage points above prime to 1 percentage point above the section 32.065 rate

• Consolidates inconsistent interest rate language across statutes to create uniformity while maintaining some provisions that add percentage points to the base rate for specific circumstances