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S.B. 138

             1     

JUDGMENT INTEREST AMENDMENTS

             2     
2005 GENERAL SESSION

             3     
STATE OF UTAH

             4     
Sponsor: Ed Mayne

             5     
             6      LONG TITLE
             7      General Description:
             8          This bill modifies provisions related to interest.
             9      Highlighted Provisions:
             10          This bill:
             11          .    addresses the interest that can be charged on a judgment related to a deferred
             12      deposit loan; and
             13          .    makes technical changes.
             14      Monies Appropriated in this Bill:
             15          None
             16      Other Special Clauses:
             17          None
             18      Utah Code Sections Affected:
             19      AMENDS:
             20          15-1-4, as last amended by Chapter 149, Laws of Utah 2000
             21     
             22      Be it enacted by the Legislature of the state of Utah:
             23          Section 1. Section 15-1-4 is amended to read:
             24           15-1-4. Interest on judgments.
             25          (1) As used in this section, "federal postjudgment interest rate" means the interest rate
             26      established for the federal court system under 28 U.S.C. Sec. 1961, as amended.
             27          (2) [Any] (a) Except as provided in Subsection (2)(b), a judgment rendered on a lawful



             28      contract shall conform to the contract and shall bear the interest agreed upon by the parties,
             29      which shall be specified in the judgment.
             30          (b) A judgment rendered on a deferred deposit loan subject to Title 7, Chapter 23,
             31      Check Cashing Registration Act, shall bear interest at the rate imposed under Subsection (3) on
             32      an amount not exceeding the sum of:
             33          (i) the total of the principal balance of the deferred deposit loan;
             34          (ii) interest at the rate imposed by the deferred deposit loan agreement for a period not
             35      exceeding 12 weeks as provided in Subsection 7-23-105 (4);
             36          (iii) costs;
             37          (iv) attorney fees; and
             38          (v) other amounts allowed by law and ordered by the court.
             39          (3) (a) Except as otherwise provided by law, other civil and criminal judgments of the
             40      district court and justice court shall bear interest at the federal postjudgment interest rate as of
             41      January 1 of each year, plus 2%.
             42          (b) The postjudgment interest rate in effect at the time of the judgment shall remain the
             43      interest rate for the duration of the judgment.
             44          (c) The interest on criminal judgments shall be calculated on the total amount of the
             45      judgment.
             46          (d) Interest paid on state revenue shall be deposited in accordance with Section
             47      63A-8-301 .
             48          (e) Interest paid on revenue to a county or municipality shall be paid to the general
             49      fund of the county or municipality.




Legislative Review Note
    as of 1-24-05 11:20 AM


Based on a limited legal review, this legislation has not been determined to have a high
probability of being held unconstitutional.

Office of Legislative Research and General Counsel


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