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NY A06965
Bill
Status
3/28/2017
Primary Sponsor
Robin Schimminger
Click for details
AI Summary
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Amends Banking Law by adding Section 7-a to set interest rates on money judgments based on the weekly average one-year constant maturity treasury yield published by the Federal Reserve Board of Governors for the calendar week preceding judgment entry.
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Modifies Civil Practice Law and Rules Section 5004 to replace the fixed 9% annual interest rate with the variable treasury yield-based rate for calculating interest on judgments and accrued claims.
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Establishes a 9% per annum interest rate cap, ensuring that no judgment or accrued claim shall exceed this maximum rate regardless of treasury yield fluctuations.
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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
referred to banks
1/3/2018