SB 848
Modifies numerous provisions of law that specify the application of a particular interest rate
LR Number:
Last Action:
4/23/2012 - Hearing Scheduled But Not Heard S Financial and Governmental Organizations and Elections Committee
Journal Page:
Calendar Position:
Effective Date:
August 28, 2012

Current Bill Summary

SB 848 - This act modifies numerous provisions of law that specify the application of a particular interest rate. The act requires that the interest rate used by these statutes be either the adjusted prime rate charged by banks as determined by the Department of Revenue, or in some situations this adjusted prime rate plus one percent.

The provisions where interest rates are modified include: certain interest rates used by the director of revenue, late payments by the state for supplies and services, late payments by public entities to contractors, repayment of teaching degree scholarships, worker's compensation benefit payments, delinquent worker's compensation taxes, nursing student loans, large animal veterinary student loans, notes and bonds issued by the Small Business Agriculture and Small Business Development Authority, creditors claims on written contracts that did not specify the rate of interest, judgments in tort cases, securities litigation, loans to political subdivisions for alternative fuel vehicles, failure to pay the odorized propane assessment, certain payments by and to the Land Reclamation Commission, unclaimed property that the holder fails to pay the state treasurer, overpayments by the Department of Mental Health to vendors, and judgments against air contaminant sources that have not paid fees.