HCS/SCS/SB 626 - This act makes modifies provisions relating to accountability.
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: interest rates used by the Director of Revenue for refunds or overpayments, 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, 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 to the state treasurer, overpayments by the Department of Mental Health to vendors, and judgments against air contaminant sources that have not paid fees.
These provisions are similar to HB 1935 (2012) and SB 848 (2012).
PRODUCTS LIABILITY (Section 537.763)
This act provides that the liability of a manufacturer or remanufacturer will terminate if a product is materially altered by a person not in the business of selling the product or using it as a component. This act does not apply to actions arising out of a defective or unsafe condition of any improvement to real property.
This section is similar to HB 1655 (2012).