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S.F. No. 1349 - Judgement interest rate
 
Author: Senator Mark Johnson
 
Prepared By: Priyanka Premo, Senate Counsel (651/296-3914)
 
Date: February 20, 2019



 

This bill removes the separate ten percent per year interest rate for a judgment or award over $50,000.

Under current law, the state court administrator is responsible for setting the judgment interest rate based on the secondary market yield of one year United States Treasury bills for: (1) a judgment of $50,000 or less; or (2) a judgment in an action involving the state or a political subdivision, or a family court action, regardless of the amount.  This bill authorizes the state court administrator to use the same method for setting interest rates for a judgment or award over $50,000.

This bill provides an exemption for claims against an insurer under section 60A.0811, which are subject to a ten percent per year interest rate.

Effective date. This bill is effective August 1, 2019 and applies to all judgments and awards on or after that date.

 
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