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First Substitute S.B. 271

Senator Curtis S. Bramble proposes the following substitute bill:


             1     
POSTJUDGMENT INTEREST AMENDMENTS

             2     
2014 GENERAL SESSION

             3     
STATE OF UTAH

             4     
Chief Sponsor: Curtis S. Bramble

             5     
House Sponsor: V. Lowry Snow

             6     
             7      LONG TITLE
             8      General Description:
             9          This bill increases the postjudgment interest rate.
             10      Highlighted Provisions:
             11          This bill:
             12          .    increases the postjudgment interest rate addition on the first $10,000 from 2% to
             13      10%; and
             14          .    specifies that a final judgment is the judgment rendered after exhaustion of all
             15      appeals.
             16      Money Appropriated in this Bill:
             17          None
             18      Other Special Clauses:
             19          None
             20      Utah Code Sections Affected:
             21      AMENDS:
             22           15-1-4 , as last amended by Laws of Utah 2011, Chapter 79
             23     
             24      Be it enacted by the Legislature of the state of Utah:
             25          Section 1. Section 15-1-4 is amended to read:


             26           15-1-4. Interest on judgments.
             27          (1) As used in this section[, "federal]:
             28          (a) "Federal postjudgment interest rate" means the interest rate established for the
             29      federal court system under 28 U.S.C. Sec. 1961, as amended.
             30          (b) "Final judgment" means the judgment rendered when all avenues of appeal have
             31      been exhausted.
             32          (2) (a) Except as provided in Subsection (2)(b), a judgment rendered on a lawful
             33      contract shall conform to the contract and shall bear the interest agreed upon by the parties,
             34      which shall be specified in the judgment.
             35          (b) A judgment rendered on a deferred deposit loan subject to Title 7, Chapter 23,
             36      Check Cashing and Deferred Deposit Lending Registration Act, shall bear interest at the rate
             37      imposed under Subsection (3) on an amount not exceeding the sum of:
             38          (i) the total of the principal balance of the deferred deposit loan;
             39          (ii) interest at the rate imposed by the deferred deposit loan agreement for a period not
             40      exceeding 10 weeks as provided in Subsection 7-23-401 (4);
             41          (iii) costs;
             42          (iv) attorney fees; and
             43          (v) other amounts allowed by law and ordered by the court.
             44          (3) (a) Except as otherwise provided by law, all other final civil and criminal
             45      judgments of the district court and justice court shall bear interest at the federal postjudgment
             46      interest rate as of January 1 of each year, plus 2%.
             47          (b) The first $10,000 of a final civil judgment of the district and justice court shall bear
             48      interest at the federal post judgment interest rate as of January 1 of each year, plus 10%.
             49          [(b)] (c) The postjudgment interest rate in effect at the time of the judgment shall
             50      remain the interest rate for the duration of the judgment.
             51          [(c)] (d) The interest on criminal judgments shall be calculated on the total amount of
             52      the judgment.
             53          [(d)] (e) Interest paid on state revenue shall be deposited in accordance with Section
             54      63A-3-505 .
             55          [(e)] (f) Interest paid on revenue to a county or municipality shall be paid to the general
             56      fund of the county or municipality.


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