2002 House Bill 5585 ↩

House Roll Call 73: Passed

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.