Rep. Norm Thurston — Voting Record

Bill

Number

S.B. 225 (2017GS)

Sponsor

Sen. Bramble, C.

Final action

Governor Signed 3/24/2017

Outcome

Became law — signed by Gov. Gary R. Herbert

Summary

What it does

• This bill:
• clarifies the postjudgment interest rate for a final judgment less than $10,000; and
• makes technical corrections.

Every vote on this bill

Bill text

JUDGMENT INTEREST RATE AMENDMENTS
GENERAL SESSION
STATE OF UTAH
Chief Sponsor: Curtis S. Bramble
House Sponsor: 
V. Lowry Snow
LONG TITLE
General Description:
This bill clarifies provisions relating to postjudgment interest rates .
Highlighted Provisions:
This bill:
▸ clarifies the postjudgment interest rate for a final judgment less than $10,000; and
▸ makes technical corrections. 
Money Appropriated in this Bill:
None
Other Special Clauses:
None
Utah Code Sections Affected:
AMENDS:
15-1-4
, as last amended by Laws of Utah 2014, Chapter 281
Be it enacted by the Legislature of the state of Utah:
Section 1. Section 
15-1-4
 is amended to read:
15-1-4.
Interest on judgments.
(1) As used in this section[
: (a) "Federal
]
, "federal
 postjudgment interest rate" means
the interest rate established for the federal court system under 28 U.S.C. Sec. 1961, as
amended.
[
(b) "Final judgment" means the judgment rendered when all avenues of appeal have
been exhausted.
]
(2) (a) Except as provided in Subsection (2)(b), a judgment rendered on a lawful
contract shall conform to the contract and shall bear the interest agreed upon by the parties,
which shall be specified in the judgment.
(b) A judgment rendered on a deferred deposit loan subject to Title 7, Chapter 23,
Check Cashing and Deferred Deposit Lending Registration Act, shall bear interest at the rate
imposed under Subsection (3)
(a)
 on an amount not exceeding the sum of:
(i) the total of the principal balance of the deferred deposit loan;
(ii) interest at the rate imposed by the deferred deposit loan agreement for a period not
exceeding 10 weeks as provided in Subsection 
7-23-401
(4);
(iii) costs;
(iv) attorney fees; and
(v) other amounts allowed by law and ordered by the court.
(3) (a) Except as otherwise provided by law, 
or as governed by Subsection (4),
 all other
final civil and criminal judgments of the district court and justice court shall bear interest at the
federal postjudgment interest rate as of January 1 of each year, plus 2%.
[
(b) Except as otherwise provided by law or contract, all final judgments under
$10,000 in actions regarding the purchase of goods and services shall bear interest at the
federal post judgment interest rate as of January 1 of each year, plus 10%.
]
[
(c)
] 
(b)
 The postjudgment interest rate in effect at the time of the judgment shall
remain the interest rate for the duration of the judgment.
[
(d)
] 
(c)
 The interest on criminal judgments shall be calculated on the total amount of
the judgment.
[
(e)
] 
(d)
 Interest paid on state revenue shall be deposited in accordance with Section
63A-3-505
.
[
(f)
] 
(e)
 Interest paid on revenue to a county or municipality shall be paid to the general
fund of the county or municipality.
(4) A judgment under $10,000 in an action regarding the purchase of goods and
services shall bear interest from the date on which the district court or justice court enters the
judgement at 10% plus the federal postjudgment interest rate.