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S2497Senate2009-2010 Session

Relates to the rate of interest on judgments

Sponsor Dale M. VolkerSD-59Affects Local Government
Status
In Senate Committee
Local Government
Impact
Pending
Passage
Pending

Bill progress

Step 2 of 7

In committee · Local Government

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Who cares

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Sponsors

Primary sponsor
Dale M. Volker

Senator · Senate District 59

No co-sponsors yet.

History

  1. Referred to local government
  2. Referred to local government

Full text

The text isn't available here yet. Check nysenate.gov.

Sponsor's memo

Title of bill

An act to amend the general municipal law, the public housing law, the state finance law and chapter 585 of the laws of 1939 relating to the rate of interest to be paid by certain public corporations upon judgments and accrued claims, in relation to the rate of interest on judgments

Purpose

The rate of interest to be paid by a municipal corporation upon any judgment shall be calculated at a rate equal to the weekly average one year constant maturity treasury yield, as published by the Federal Reserve Board. In no event shall the rate of interest exceed nine percent (nine per centum per annum).

Summary of provisions

Amends the four pertinent sections to reflect a change from a maximum of nine percent to a rate reflecting the Federal Reserve Board rate.

Justification

The law currently provides for no set rate of interest, only a maximum of nine per centum per annum. This legislation sets the interest rate to reflect the rate set out by the Federal Reserve Board of Governors for the week preceding the date of entry of the judgment awarding damages.

Legislative history

2007-08: S.4224 2005-06: S.873 2004: S.6714

Fiscal implications

Possible savings to the State by lower interest rates upon damage judgments paid by municipal corporations.

Effective date

This act shall take effect on the first of January next succeeding the date on which it shall have become a law.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.