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Senate Bill S3057A

2021-2022 Legislative Session

Relates to the rate of interest on a judgment for medical debt

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Archive: Last Bill Status - In Senate Committee Judiciary Committee

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Bill Amendments

2021-S3057 - Details

Current Committee:
Senate Judiciary
Law Section:
Civil Practice Law and Rules
Laws Affected:
Amd §5004, CPLR
Versions Introduced in 2019-2020 Legislative Session:
S8731

2021-S3057 - Summary

Ties the rate of interest on a judgment for medical debt to the one-year United States treasury bill rate.

2021-S3057 - Sponsor Memo

2021-S3057 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3057
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 27, 2021
                                ___________
 
 Introduced  by  Sen.  RIVERA -- read twice and ordered printed, and when
   printed to be committed to the Committee on Judiciary
 
 AN ACT to amend the civil practice law and rules,  in  relation  to  the
   rate of interest on a judgment for medical debt
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. 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:
   § 5004. Rate of interest. Interest shall be at the rate  of  nine  per
 centum  per  annum, except where otherwise provided by statute, PROVIDED
 THAT IN MEDICAL DEBT ACTIONS BY A HOSPITAL LICENSED UNDER ARTICLE  TWEN-
 TY-EIGHT  OF THE PUBLIC HEALTH LAW OR A HEALTH CARE PROFESSIONAL AUTHOR-
 IZED UNDER TITLE EIGHT OF THE EDUCATION LAW THE INTEREST RATE  SHALL  BE
 CALCULATED  AT  THE  ONE-YEAR  UNITED STATES TREASURY BILL RATE. FOR THE
 PURPOSES OF THIS SECTION, THE  "ONE-YEAR  UNITED  STATES  TREASURY  BILL
 RATE"  MEANS  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 DAMAGE.
   § 2. This act shall take effect immediately.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00594-01-1

co-Sponsors

2021-S3057A (ACTIVE) - Details

Current Committee:
Senate Judiciary
Law Section:
Civil Practice Law and Rules
Laws Affected:
Amd §5004, CPLR
Versions Introduced in 2019-2020 Legislative Session:
S8731

2021-S3057A (ACTIVE) - Summary

Ties the rate of interest on a judgment for medical debt to the one-year United States treasury bill rate.

2021-S3057A (ACTIVE) - Sponsor Memo

2021-S3057A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3057--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 27, 2021
                                ___________
 
 Introduced  by  Sen.  RIVERA -- read twice and ordered printed, and when
   printed to be committed to the Committee  on  Judiciary  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee
 
 AN  ACT  to  amend  the civil practice law and rules, in relation to the
   rate of interest on a judgment for medical debt
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  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:
   §  5004.  Rate  of interest. (A) Interest shall be at the rate of nine
 per centum per  annum,  except  where  otherwise  provided  by  statute,
 PROVIDED  THAT  THE  ANNUAL RATE OF INTEREST TO BE PAID ON A JUDGMENT OR
 ACCRUED CLAIM IN AN ACTION ARISING OUT OF A MEDICAL DEBT  SHALL  BE  THE
 LESSER  OF  THE  ONE-YEAR  UNITED STATES TREASURY BILL RATE OR THREE PER
 CENTUM PER ANNUM.
   (B) FOR THE PURPOSES OF THIS SECTION THE FOLLOWING  TERMS  SHALL  HAVE
 THE FOLLOWING MEANINGS:
   1.  "MEDICAL  DEBT"  MEANS ANY OBLIGATION OR ALLEGED OBLIGATION OF ANY
 NATURAL PERSON TO PAY MONEY ARISING OUT OF MEDICAL CARE PROVIDED TO THAT
 PERSON BY A HOSPITAL LICENSED UNDER ARTICLE TWENTY-EIGHT OF  THE  PUBLIC
 HEALTH LAW OR A HEALTH CARE PROFESSIONAL AUTHORIZED UNDER TITLE EIGHT OF
 THE EDUCATION LAW.
   2.  "ONE-YEAR UNITED STATES TREASURY BILL RATE" MEANS THE WEEKLY AVER-
 AGE ONE-YEAR CONSTANT MATURITY TREASURY YIELD, AS PUBLISHED BY THE BOARD
 OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, FOR THE FIRST FULL  CALENDAR
 WEEK  OF  THE  CALENDAR  MONTH  PRECEDING THE DATE IN WHICH THE JUDGMENT
 AWARDING DAMAGES IS ENTERED.
   (C) THE ONE-YEAR UNITED STATES TREASURY BILL RATE SHALL BE  CALCULATED
 BY  THE  OFFICE  OF  COURT  ADMINISTRATION. THE OFFICE OF COURT ADMINIS-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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