Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Dec 31, 2021 |
signed chap.831 |
Dec 20, 2021 |
delivered to governor |
Jun 10, 2021 |
returned to senate passed assembly ordered to third reading cal.328 substituted for a6474a |
Jun 08, 2021 |
referred to codes delivered to assembly passed senate |
Jun 03, 2021 |
amended on third reading 5724a |
May 19, 2021 |
advanced to third reading |
May 12, 2021 |
2nd report cal. |
May 11, 2021 |
1st report cal.1003 |
Mar 17, 2021 |
referred to judiciary |
Senate Bill S5724A
Signed By Governor2021-2022 Legislative Session
Sponsored By
(D) 6th Senate District
Archive: Last Bill Status - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
Bill Amendments
co-Sponsors
(D, WF) Senate District
(D) Senate District
(D, WF) 28th Senate District
(D) 20th Senate District
2021-S5724 - Details
2021-S5724 - Sponsor Memo
BILL NUMBER: S5724 SPONSOR: THOMAS TITLE OF BILL: An act to amend the civil practice law and rules, in relation to the rate of interest applicable to money judgments arising out of consumer debt PURPOSE OR GENERAL IDEA OF BILL: To reduce judgment interest rates on consumer debt. SUMMARY OF PROVISIONS: Section 1 amends section 5004 of the civil practice law and rules. Subdivision (a) states that the interest rate on judgments arising from consumer debt shall be at the one-year United States Treasury bill rate or at three percent, whichever is the lower rate.
2021-S5724 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5724 2021-2022 Regular Sessions I N S E N A T E March 17, 2021 ___________ Introduced by Sen. THOMAS -- 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 applicable to money judgments arising out of consumer 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 THE ANNUAL RATE OF INTEREST TO BE PAID ON A JUDGMENT OR ACCRUED CLAIM IN AN ACTION ARISING OUT OF A CONSUMER DEBT WHERE A NATURAL PERSON IS A DEFENDANT SHALL BE THE LESSER OF THE ONE-YEAR UNITED STATES TREAS- URY BILL RATE OR THREE PER CENTUM PER ANNUM. (B) FOR THE PURPOSES OF THIS SECTION, (I) THE "ONE-YEAR UNITED STATES TREASURY BILL RATE" MEANS: (1) FOR JUDGMENTS ENTERED ON OR AFTER THE EFFECTIVE DATE OF THE CHAPTER OF THE LAWS OF TWO THOUSAND TWENTY-ONE WHICH AMENDED THIS SECTION, THE WEEKLY AVERAGE ONE-YEAR CONSTANT MATURI- TY 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, AND (2) FOR ANY PART OF POST-ENTRY INTEREST ON A JUDGMENT ENTERED BEFORE THE EFFECTIVE DATE OF THE CHAPTER OF THE LAWS OF TWO THOUSAND TWENTY-ONE WHICH AMENDED THIS SECTION THAT IS UNPAID AS OF SUCH EFFECTIVE DATE, AT THE RATE OF TWO PER CENTUM PER ANNUM; AND (II) "CONSUMER DEBT" MEANS ANY OBLIGATION OR ALLEGED OBLIGATION OF ANY NATURAL PERSON TO PAY MONEY ARISING OUT OF A TRANSACTION IN WHICH THE MONEY, PROPERTY, INSURANCE OR SERVICES WHICH ARE THE SUBJECT OF THE TRANSACTION ARE PRIMARILY FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES, WHETHER OR NOT SUCH OBLIGATION EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
co-Sponsors
(D, WF) Senate District
(D) Senate District
(D, WF) 31st Senate District
(D, WF) 28th Senate District
2021-S5724A (ACTIVE) - Details
2021-S5724A (ACTIVE) - Sponsor Memo
BILL NUMBER: S5724A SPONSOR: THOMAS TITLE OF BILL: An act to amend the civil practice law and rules, in relation to the rate of interest applicable to money judgments arising out of consumer debt PURPOSE OR GENERAL IDEA OF BILL: To reduce the judgment interest rate on consumer debt. SUMMARY OF PROVISIONS: Section 1 amends section 5004 of the civil practice law and rules. Subdivision (a) states that the interest rate on judgments arising from consumer debt shall two per centum per annum (1) for any judgments entered on or after the effective date of this bill and (2) on any part of post-entry interest on a judgment entered before the effective date
2021-S5724A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5724--A Cal. No. 1003 2021-2022 Regular Sessions I N S E N A T E March 17, 2021 ___________ Introduced by Sens. THOMAS, BIAGGI, BROOKS, KRUEGER, MYRIE, RAMOS, RIVERA, SEPULVEDA -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading AN ACT to amend the civil practice law and rules, in relation to the rate of interest applicable to money judgments arising out of consumer 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 THE ANNUAL RATE OF INTEREST TO BE PAID IN AN ACTION ARISING OUT OF A CONSUMER DEBT WHERE A NATURAL PERSON IS A DEFENDANT SHALL BE TWO PER CENTUM PER ANNUM (I) ON A JUDGMENT OR ACCRUED CLAIM FOR JUDGMENTS ENTERED ON OR AFTER THE EFFECTIVE DATE OF THE CHAPTER OF THE LAWS OF TWO THOUSAND TWENTY-ONE WHICH AMENDED THIS SECTION, AND (II) FOR INTEREST UPON A JUDGMENT PURSUANT TO SECTION FIVE THOUSAND THREE OF THIS ARTICLE FROM THE DATE OF THE ENTRY OF JUDGMENT ON ANY PART OF A JUDGMENT ENTERED BEFORE THE EFFECTIVE DATE OF THE CHAPTER OF THE LAWS OF TWO THOUSAND TWENTY-ONE WHICH AMENDED THIS SECTION THAT IS UNPAID AS OF SUCH EFFEC- TIVE DATE. (B) FOR THE PURPOSE OF THIS SECTION "CONSUMER DEBT" MEANS ANY OBLI- GATION OR ALLEGED OBLIGATION OF ANY NATURAL PERSON TO PAY MONEY ARISING OUT OF A TRANSACTION IN WHICH THE MONEY, PROPERTY, INSURANCE OR SERVICES WHICH ARE THE SUBJECT OF THE TRANSACTION ARE PRIMARILY FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES, WHETHER OR NOT SUCH OBLIGATION EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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