Loading chat...

NC S445

Bill

Official Source

Status

Introduced

4/1/2019

Primary Sponsor

Thomas McInnis

Click for details

Origin

Senate

2019-2020 Session

AI Summary

  • Modifies the interest rate calculation for Department of Transportation just compensation claims by replacing the fixed 8% legal rate with the prime lending rate as published by the Federal Reserve Board on the first business day of the month preceding the date of taking
  • Caps the variable prime lending rate at the 8% maximum legal rate set in G.S. 24-1 to prevent rates from exceeding that threshold
  • Changes interest accrual to apply only to the difference between the initial deposit and final judgment amount, rather than the full awarded damages
  • Applies to all causes of action filed on or after the effective date when the act becomes law
  • Sponsored by Senators McInnis and Krawiec

Legislative Description

DOT Just Compensation Interest Rate

Last Action

Ref To Com On Rules and Operations of the Senate

4/2/2019

Committee Referrals

Rules and Operations of the Senate4/2/2019

Full Bill Text

No bill text available