FISCAL NOTE
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