Senate Bill No. 848 Summary

• Repeals 22 sections of Missouri law that specify various interest rates and replaces them with a uniform reference to section 32.065 for determining interest rates across multiple state codes and programs.

• Applies to interest rates in diverse areas including tax refunds, state vendor payments, workers' compensation, student scholarships, public works contracts, securities violations, and abandoned property assessments.

• Changes specific interest rate formulas (such as "nine and one-half percent," "one and one-half percent per month," or "Federal Funds Rate plus a percentage") to instead reference a single standard rate set by section 32.065.

• Centralizes interest rate policy by allowing a single provision to control interest calculations across education programs, construction contracts, civil penalties, and administrative assessments rather than maintaining different rates throughout the code.