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NY A07146
Bill
Status
4/10/2019
Primary Sponsor
Robin Schimminger
Click for details
AI Summary
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Amends Banking Law by adding Section 7-a to establish interest rates on money judgments based on 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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Amends Civil Practice Law and Rules Section 5004 to replace the fixed 9 percent per annum interest rate with the variable treasury yield-based rate, unless otherwise provided by statute.
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Caps the interest rate on any judgment or accrued claim at 9 percent per annum maximum, regardless of the treasury yield calculation.
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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
1/8/2020