Date Requested:February 03, 2011
Time Requested:03:12 PM
Agency: Supreme Court of Appeals
CBD Number: Version: Bill Number: Resolution Number:
2011R2133 Introduced SB401
CBD Subject: RATE OF INTEREST ON JUDGMENT OR DECREE
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
Over-all effect
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
3. Explanation of above estimates (including long-range effect):
    


Memorandum
Person submitting Fiscal Note:
Tina A. Sevy
Email Address:
tina.sevy@courtswv.gov
    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.