Introduced
by
To revise provisions of House Bill 4448, now Public Act 175 of 2001, which required that interest paid on money judgments in civil cases be tied to the five-year treasury note rate, or a rate specified in the contract, rather than the current statutory 12 percent. This bill moves back the effective date of this provision to July 1, 2002, clarifies language related to interest-compounding on a 13-percent rate cap in the law, and requires that if the contract calls for a variable rate, interest on a judgment would be fixed at the rate in effect when the complaint was filed.
Referred to the Committee on Civil Law and the Judiciary
Substitute offered
To replace the previous version of the bill with a version recommended by the committee which reported it. The substitute incorporates changes resulting from committee testimony and deliberation. These changes do not affect the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the House 105 to 0 (details)
To revise provisions of House Bill 4448, now Public Act 175 of 2001, which required that interest paid on money judgments in civil cases be tied to the five-year treasury note rate, or a rate specified in the contract, rather than the current statutory 12 percent. This bill moves back the effective date of this provision to July 1, 2002, clarifies language related to interest-compounding on a 13-percent rate cap in the law, and requires that if the contract calls for a variable rate, interest on a judgment would be fixed at the rate in effect when the complaint was filed.
Passed in the Senate 35 to 0 (details)
