1     
JUDGMENT INTEREST RATE AMENDMENTS

2     
2017 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 clarifies provisions relating to postjudgment interest rates .
10     Highlighted Provisions:
11          This bill:
12          ▸      clarifies the postjudgment interest rate for a final judgment less than $10,000; and
13          ▸     makes technical corrections.
14     Money 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 Laws of Utah 2014, Chapter 281
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[: (a) "Federal], "federal postjudgment interest rate" means
26     the interest rate established for the federal court system under 28 U.S.C. Sec. 1961, as
27     amended.
28          [(b) "Final judgment" means the judgment rendered when all avenues of appeal have
29     been exhausted.]
30          (2) (a) Except as provided in Subsection (2)(b), a judgment rendered on a lawful
31     contract shall conform to the contract and shall bear the interest agreed upon by the parties,
32     which shall be specified in the judgment.
33          (b) A judgment rendered on a deferred deposit loan subject to Title 7, Chapter 23,
34     Check Cashing and Deferred Deposit Lending Registration Act, shall bear interest at the rate
35     imposed under Subsection (3)(a) on an amount not exceeding the sum of:
36          (i) the total of the principal balance of the deferred deposit loan;
37          (ii) interest at the rate imposed by the deferred deposit loan agreement for a period not
38     exceeding 10 weeks as provided in Subsection 7-23-401(4);
39          (iii) costs;
40          (iv) attorney fees; and
41          (v) other amounts allowed by law and ordered by the court.
42          (3) (a) Except as otherwise provided by law, or as governed by Subsection (4), all other
43     final civil and criminal judgments of the district court and justice court shall bear interest at the
44     federal postjudgment interest rate as of January 1 of each year, plus 2%.
45          [(b) Except as otherwise provided by law or contract, all final judgments under
46     $10,000 in actions regarding the purchase of goods and services shall bear interest at the
47     federal post judgment interest rate as of January 1 of each year, plus 10%.]
48          [(c)] (b) The postjudgment interest rate in effect at the time of the judgment shall
49     remain the interest rate for the duration of the judgment.
50          [(d)] (c) The interest on criminal judgments shall be calculated on the total amount of
51     the judgment.
52          [(e)] (d) Interest paid on state revenue shall be deposited in accordance with Section
53     63A-3-505.
54          [(f)] (e) Interest paid on revenue to a county or municipality shall be paid to the general
55     fund of the county or municipality.
56          (4) A judgment under $10,000 in an action regarding the purchase of goods and
57     services shall bear interest from the date on which the district court or justice court enters the
58     judgement at 10% plus the federal postjudgment interest rate.