HB1641: relative to the rate of interest in business transactions.

HB 1641 - AS INTRODUCED

2018 SESSION

18-2604

05/03

HOUSE BILL 1641

AN ACT relative to the rate of interest in business transactions.

SPONSORS: Rep. Brewster, Merr. 21

COMMITTEE: Commerce and Consumer Affairs

ANALYSIS

This bill provides that the rate of interest on judgments shall be compounded daily.

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

18-2604

05/03

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Eighteen

AN ACT relative to the rate of interest in business transactions.

Be it Enacted by the Senate and House of Representatives in General Court convened:

1 Rate of Interest. Amend RSA 336:1, II to read as follows:

II. The annual simple rate of interest on judgments, including prejudgment interest, shall be a rate determined by the state treasurer as the prevailing discount rate of interest on 26-week United States Treasury bills at the last auction thereof preceding the last day of September in each year, plus 2 percentage points, rounded to the nearest tenth of a percentage point and compounded daily. On or before the first day of December in each year, the state treasurer shall determine the rate and transmit it to the director of the administrative office of the courts. As established, the rate shall be in effect beginning the first day of the following January through the last day of December in each year.

2 Effective Date. This act shall take effect 60 days after its passage.