Prejudgment Interest Rate Reform: H.B. 223 (2017)
Lowers the prejudgment interest rate from 12% to 6%. A
Lowers the prejudgment interest rate from 12% to 6%. A judgment for unpaid child support will remain at the 12% rate. A judgment on a contract, note, or other written obligation will follow the interest rate specified in the contract. If an administrative law judge determines that a denial, delay, or termination in the payment of income benefits was without reasonable foundation, the interest rate will be 12%.
This isn’t just about legal technicalities; it’s about New Yorkers’ livelihoods and ability to make ends meet.
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