senate Bill S5724A

2021-2022 Legislative Session

Relates to the rate of interest on money judgments in certain actions involving consumer debt

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Sponsored By

Current Bill Status - Passed Senate & Assembly


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (12)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
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

Co-Sponsors

view additional co-sponsors

S5724 - Details

See Assembly Version of this Bill:
A6474
Law Section:
Civil Practice Law and Rules
Laws Affected:
Amd §§5004, 3215, 3218, 5230, 5231 & 5222, CPLR

S5724 - Summary

Provides that the rate of interest on money judgments in actions involving consumer debt where the defendant is a natural person shall be calculated at a rate of two percent.

S5724 - Sponsor Memo

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

view additional co-sponsors

S5724A (ACTIVE) - Details

See Assembly Version of this Bill:
A6474
Law Section:
Civil Practice Law and Rules
Laws Affected:
Amd §§5004, 3215, 3218, 5230, 5231 & 5222, CPLR

S5724A (ACTIVE) - Summary

Provides that the rate of interest on money judgments in actions involving consumer debt where the defendant is a natural person shall be calculated at a rate of two percent.

S5724A (ACTIVE) - Sponsor Memo

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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