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NY A05016
Bill
Status
2/10/2021
Primary Sponsor
John McDonald
Click for details
AI Summary
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Establishes a new section 7-a of Banking Law setting 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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Replaces the fixed 9% per annum interest rate in Civil Practice Law and Rules Section 5004 with the variable treasury yield-based rate.
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Caps the maximum interest rate on any judgment or accrued claim at 9% per annum regardless of treasury yield levels.
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Applies to all money judgments unless otherwise specified by contract or statute.
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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
1/5/2022