FUND(S):



Sources of Revenue:

General Fund

Legislation creates:

Neither Program nor Fund



Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


    This bill decreases the minimum amount of prejudgment and post-judgement interest rate to be calculated on any judgment or decree entered by a state court. Currently, the rate is assessed between seven and eleven percent. This legislation would lower the minimum amount from seven percent to three percent. This interest is charged to the losing party; therefor, this legislation does not have any fiscal impact on the Judiciary.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2011
Increase/Decrease
(use"-")
2012
Increase/Decrease
(use"-")
Fiscal Year
(Upon Full
Implementation)
1. Estmated Total Cost 0 0 0
Personal Services 0 0 0
Current Expenses 0 0 0
Repairs and Alterations 0 0 0
Assets 0 0 0
Other 0 0 0
2. Estimated Total Revenues 0 0 0


Explanation of above estimates (including long-range effect):


    



Memorandum


    This bill decreases the minimum amount of prejudgment and post-judgement interest rate to be calculated on any judgment or decree entered by a state court. Currently, the rate is assessed between seven and eleven percent. This legislation would lower the minimum amount from seven percent to three percent. This interest is charged to the losing party; therefor, this legislation does not have any fiscal impact on the Judiciary. Person submitting Fiscal Note: Tina A. Sevy
     Email Address: tina.sevy@courtswv.gov