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NY A09765
Bill
Status
4/2/2012
Primary Sponsor
Joseph Morelle
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AI Summary
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Changes the interest rate calculation for money judgments from a fixed 9% per annum to the weekly average one-year constant maturity treasury yield published by the Federal Reserve Board for the calendar week preceding judgment entry
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Establishes a 9% per annum maximum cap on interest rates for any judgment or accrued claim, regardless of the treasury yield calculation
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Applies the new rate to Banking Law Section 7-a (newly created) and amends Civil Practice Law and Rules Section 5004
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Takes effect immediately upon enactment
Legislative Description
Relates to the rate of interest to be paid on judgments and accrued claims; ties the rate of interest to the maturity treasury yield as published by the federal reserve.
Last Action
reference changed to judiciary
5/24/2012