NY S09043

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 of Governors for the calendar week preceding judgment entry.

Amends Civil Practice Law and Rules Section 5004 to replace the fixed nine percent per annum interest rate with a variable rate tied to the weekly average one-year constant maturity treasury yield.

Caps the maximum interest rate on any judgment or accrued claim at nine percent per annum in both Banking Law and Civil Practice Law amendments.

Allows for different interest rates to apply where otherwise provided by contract or statute.

Takes effect immediately upon enactment.