Do you support this bill?

Assembly Bill A9765

2011-2012 Legislative Session

Relates to the rate of interest to be paid on judgments and accrued claims

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

multi-Sponsors

2011-A9765 (ACTIVE) - Details

See Senate Version of this Bill:
S3751
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add §7-a, Bank L; amd §5004, CPLR
Versions Introduced in Other Legislative Sessions:
2013-2014: S3114
2015-2016: S5207
2017-2018: S4755
2019-2020: S9043
2021-2022: S3250

2011-A9765 (ACTIVE) - Summary

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.

2011-A9765 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  9765

                          I N  A S S E M B L Y

                              April 2, 2012
                               ___________

Introduced  by M. of A. MORELLE -- read once and referred to the Commit-
  tee on Banks

AN ACT to amend the banking law and the civil practice law and rules, in
  relation to the rate of interest to be paid upon judgments and accrued
  claims

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  The banking law is amended by adding a new section 7-a to
read as follows:
  S 7-A. RATE OF INTEREST ON MONEY JUDGMENTS. UNLESS OTHERWISE  PROVIDED
BY  CONTRACT  OR ANY OTHER PROVISION OF LAW, THE INTEREST ON MONEY JUDG-
MENTS SHALL BE CALCULATED AT A RATE EQUAL TO THE WEEKLY AVERAGE ONE YEAR
CONSTANT MATURITY TREASURY YIELD, AS PUBLISHED BY THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM, FOR THE CALENDAR WEEK PRECEDING THE  DATE
OF  THE  ENTRY  OF THE JUDGMENT AWARDING DAMAGES, EXCEPT WHERE OTHERWISE
PROVIDED BY STATUTE. IN NO EVENT, HOWEVER, SHALL THE RATE OF INTEREST ON
ANY JUDGMENT OR ACCRUED CLAIM EXCEED NINE PER CENTUM PER ANNUM.
  S 2. Section 5004 of the civil practice law and rules, as  amended  by
chapter 258 of the laws of 1981, is amended to read as follows:
  S  5004.  Rate of interest. Interest shall be [at the rate of nine per
centum per annum] CALCULATED AT A RATE EQUAL TO THE WEEKLY  AVERAGE  ONE
YEAR  CONSTANT  MATURITY  TREASURY  YIELD,  AS PUBLISHED BY THE BOARD OF
GOVERNORS OF THE FEDERAL RESERVE SYSTEM, FOR THE CALENDAR WEEK PRECEDING
THE DATE OF THE ENTRY OF THE JUDGMENT  AWARDING  DAMAGES,  except  where
otherwise  provided by statute.  IN NO EVENT, HOWEVER, SHALL THE RATE OF
INTEREST ON ANY JUDGMENT OR ACCRUED CLAIM EXCEED  NINE  PER  CENTUM  PER
ANNUM.
  S 3. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09406-03-2

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.