REFORMS BY DATE

2009

Prejudgment Interest Reforms: HB 1603 (2009).  Provides that prejudgment interest does not begin to accrue until two years after the beginning of a lawsuit; reduced the interest rate charged.

2005

MISSOURI

Prejudgment Interest Reform: H.B. 393 (2005); § 355.176 R.S.Mo. Specifies that prejudgment interest is to be calculated at an interest rate equal to the Federal Funds Rate plus three percent.

2004

OKLAHOMA

Prejudgment and Postjudgment Interest Reform: HB 2661 (2004). Sets prejudgment and postjudgment interest rate at the prime rate plus 2 percent (effective January 1, 2005).

2003

GEORGIA

Legal Rate of Interest Reform: H.B. 792 (2003).  Provides that the interest rate on judgments equals the Federal Reserve’s prime rate plus 3 percent.

TEXAS

Prejudgment Interest Reform: HB 4 (2003).  Sets the prejudgment interest rate to the New York Federal Reserve prime rate, with a floor of 5% and a ceiling of 15%.

2001

NEW HAMPSHIRE

Prejudgment Interest Reform: HB 140 (2001); Amended RSA 336:1.  Sets the prejudgment interest rate at the 26-week discount U.S. Treasury Bill rate.

2000

SOUTH CAROLINA

Prejudgment Interest: H. 3403 (2000).  Sets prejudgment interest rates at the prime rate plus one percent.

1997

IOWA

Prejudgment Interest Rate Reform: HF 693 (1997); Amended Iowa Code § 535.3. .  Sets the prejudgment interest rates at the U.S. Treasury Rate plus 2%.

LOUISIANA

Prejudgment Interest Rate Reform: (1997).  Sets prejudgment interest rates at the average Treasury Bill rate for 52 weeks plus 2%.  Provided varying rates of prejudgment interest for actions pending or filed during the last 10 years.

1995

COLORADO

Prejudgment Interest Reform: SB 165 (1995).  Limits the amount of prejudgment interest that can be assessed between accrual of the action and filing of the claim to below the $1,000,000 limit on the total amount recoverable in medical liability claims.

TEXAS

Prejudgment Interest Reform: HB 971 (1995).  Allows prejudgment interest only for damages that occurred before judgment.

1988

MAINE

Prejudgment Interest Rate Reform: LD 2520 (1988).  Sets prejudgment interest rates and postjudgment interest rates at the U.S. Treasury Bill rate.

1987

COLORADO

Prejudgment Interest Rate Reform: SF 482 (1987).  Prohibits the assessment of prejudgment interest for future damages.  (Other interest accrues from the date of commencement of the actions at a rate based on the U.S. Treasury Bill.)

LOUISIANA

Prejudgment Interest Rate Reform: HB 1690 (1987).  Sets prejudgment interest rates at the prime rate plus 1% with a floor of 7% and a cap of 14%.

MISSOURI

Prejudgment Interest Reform: HB 700 (1987).  Permits the assessment of prejudgment interest only in cases where the judgment exceeds a settlement offer.

RHODE ISLAND

Prejudgment Interest Rate Reform: HB 5885 (1987).  Sets the prejudgment interest rate at the U.S. Treasury Bill rate.  Provides that interest accrues from the date the lawsuit is filed.

TEXAS

Prejudgment Interest Reform: SB 6 (1987).  Limits the period during which prejudgment interest may accrue if the defendant has made an offer to settle the lawsuit.

1986

MICHIGAN

Prejudgment Interest Reform: HB 5154 (1986).  Prohibits the assessment of prejudgment interest on awards for future damages.

MINNESOTA

Prejudgment Interest Reform: SB 2078 (1986).  Prohibits the assessment of prejudgment interest on awards for future damages.

NEBRASKA

Prejudgment Interest Reform: LB 298  (1986).  Reduces the rate of interest to 1% above the rate on U.S. Treasury Bill.