Bill Text: FL S0866 | 2011 | Regular Session | Comm Sub

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Judgment Interest

Spectrum: Slight Partisan Bill (? 2-1)

Status: (Introduced - Dead) 2011-05-06 - Read 2nd time -SJ 1120 [S0866 Detail]

Download: Florida-2011-S0866-Comm_Sub.html

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       Florida Senate - 2011                              CS for SB 866
       
       
       
       By the Committee on Judiciary; and Senator Bogdanoff
       
       
       
       
       590-02469-11                                           2011866c1
    1                        A bill to be entitled                      
    2         An act relating to judgment interest; amending s.
    3         55.03, F.S.; requiring quarterly adjustments to the
    4         rate of interest payable on judgments; revising the
    5         calculation of the interest rate; removing provisions
    6         relating to the date the interest rate established by
    7         the Chief Financial Officer is to take effect;
    8         providing for the annual adjustment of the interest
    9         rate established at the time a judgment is obtained;
   10         amending s. 717.1341, F.S.; conforming provisions to
   11         changes made by the act; providing an effective date.
   12  
   13  Be It Enacted by the Legislature of the State of Florida:
   14  
   15         Section 1. Subsections (1) and (3) of section 55.03,
   16  Florida Statutes, are amended to read:
   17         55.03 Judgments; rate of interest, generally.—
   18         (1) On the first day of the month of each calendar quarter
   19  December 1 of each year, the Chief Financial Officer shall set
   20  the rate of interest that shall be payable on judgments or
   21  decrees for the calendar quarter year beginning January 1 by
   22  averaging the discount rate of the Federal Reserve Bank of New
   23  York for the preceding 12 months year, then adding 450 500 basis
   24  points to the averaged federal discount rate. The Chief
   25  Financial Officer shall inform the clerk of the courts and chief
   26  judge for each judicial circuit of the rate that has been
   27  established for the upcoming year. The interest rate established
   28  by the Chief Financial Officer shall take effect on January 1 of
   29  each following year. Judgments obtained on or after January 1,
   30  1995, shall use the previous statutory rate for time periods
   31  before January 1, 1995, for which interest is due and shall
   32  apply the rate set by the Chief Financial Officer for time
   33  periods after January 1, 1995, for which interest is due.
   34  Nothing contained herein shall affect a rate of interest
   35  established by written contract or obligation.
   36         (3) The interest rate established at the time a judgment is
   37  obtained shall be adjusted annually remain the same until the
   38  judgment is paid.
   39         Section 2. Subsection (1) of section 717.1341, Florida
   40  Statutes, is amended to read:
   41         717.1341 Invalid claims, recovery of property, interest and
   42  penalties.—
   43         (1)(a) No person shall receive unclaimed property that the
   44  person is not entitled to receive. Any person who receives, or
   45  assists another person to receive, unclaimed property that the
   46  person is not entitled to receive is strictly, jointly,
   47  personally, and severally liable for the unclaimed property and
   48  shall immediately return the property, or the reasonable value
   49  of the property if the property has been damaged or disposed of,
   50  to the department plus interest at the rate set annually in
   51  accordance with s. 55.03(1). Assisting another person to receive
   52  unclaimed property includes executing a claim form on the
   53  person’s behalf.
   54         (b)1. In the case of stocks or bonds which have been sold,
   55  the proceeds from the sale shall be returned to the department
   56  plus any dividends or interest received thereon plus an amount
   57  equal to the brokerage fee plus interest at a rate set annually
   58  in accordance with s. 55.03(1) on the proceeds from the sale of
   59  the stocks or bonds, the dividends or interest received, and the
   60  brokerage fee.
   61         2. In the case of stocks or bonds which have not been sold,
   62  the stocks or bonds and any dividends or interest received
   63  thereon shall be returned to the department, together with
   64  interest on the dividends or interest received, at a rate set
   65  annually in accordance with s. 55.03(1) of the value of the
   66  property.
   67         Section 3. This act shall take effect July 1, 2011.