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NY S07912

Bill

Official Source

Status

Introduced

5/24/2016

Primary Sponsor

Simcha Felder

Click for details

Origin

Senate

2015-2016 General Assembly

AI Summary

  • Amends interest rate caps on judgments and accrued claims for municipal corporations, housing authorities, the State, and certain public corporations
  • Changes maximum interest rates from fixed percentages to the lower of the fixed rate or the weekly average one-year constant maturity treasury yield published by the Federal Reserve Board for the week preceding judgment entry
  • Reduces municipal corporation judgment rate cap to 9% per annum or treasury yield rate (whichever is lower) and condemnation/wrongful death claim rate to 6% per annum or treasury yield rate (whichever is lower)
  • Applies same interest rate cap formula (9% per annum or treasury yield rate) to housing authorities, state judgments, and public corporations
  • Takes effect immediately and applies to all judgments entered and accrued claims paid on or after the effective date

Legislative Description

Relates to rates of interest paid by certain governmental entities.

Last Action

REFERRED TO CITIES

5/24/2016

Committee Referrals

Cities5/24/2016

Full Bill Text

No bill text available