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, 2020 and applies to all judgments and awards on or after that date.