Rhode Island 2023 Regular Session

Rhode Island House Bill H5298 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2
3	3
4	4
5	5	2023 -- H 5298
6	6	========
7	7	LC000397
8	8	========
9	9	S TATE OF RHODE IS LAND
10	10	IN GENERAL ASSEMBLY
11	11	JANUARY SESSION, A.D. 2023
12	12	____________
13	13
14	14	A N A C T
15	15	RELATING TO COURTS AND CIVIL PROCEDURE--PROCEDURE GENERALLY --
16	16	JUDGMENTS, ORDERS, AND DECREES -- INTEREST IN CIVIL ACTIONS
17	17	Introduced By: Representatives Edwards, Ajello, Potter, Kazarian, Slater, and Kislak
18	18	Date Introduced: February 01, 2023
19	19	Referred To: House Judiciary
20	20
21	21
22	22	It is enacted by the General Assembly as follows:
23	23	SECTION 1. Section 9-21-10 of the General Laws in Chapter 9-21 entitled "Judgments, 1
24	24	Orders, and Decrees" is hereby amended to read as follows: 2
25	25	9-21-10. Interest in civil actions. 3
26	26	(a) In any civil action in which a verdict is rendered or a decision made for pecuniary 4
27	27	damages, there shall be added by the clerk of the court to the amount of damages interest at the rate 5
28	28	of twelve percent (12%) per annum thereon from the date the cause of action accrued of the filing 6
29	29	of the civil action calculated at a rate equal to the coupon issue yield equivalent, as determined by 7
30	30	the U.S. Secretary of the Treasury, of the average accepted auction price for the last auction of 8
31	31	fifty-two (52) week U.S. Treasury bills settled immediately preceding the date of the filing of the 9
32	32	action, which shall be included in the judgment entered therein. Post-judgment interest shall be 10
33	33	calculated the rate of twelve percent (12%) per annum and accrue on both the principal amount of 11
34	34	the judgment and the prejudgment interest entered therein a rate equal to the coupon issue yield 12
35	35	equivalent, as determined by the U.S. Secretary of the Treasury, of the average accepted auction 13
36	36	price for the last auction of fifty-two (52) week U.S. Treasury bills settled immediately preceding 14
37	37	the date of the filing of the action. This section shall not apply until entry of judgment or to any 15
38	38	contractual obligation where interest is already provided. 16
39	39	(b) Subsection (a) shall not apply in any action filed on or after January 1, 1987, for 17
40	40	personal injury or wrongful death filed against a licensed physician, hospital, clinic, health 18
41	41
42	42
43	43	LC000397 - Page 2 of 3
44	44	maintenance organization, professional service corporation providing health care services, dentist, 1
45	45	or dental hygienist based on professional negligence. In all such medical malpractice actions in 2
46	46	which a verdict is rendered or a decision made for pecuniary damages, there shall be added by the 3
47	47	clerk of the court to the amount of damages interest at the rate of twelve percent (12%) per annum 4
48	48	thereon from the date of written notice of the claim by the claimant or his or her representative to 5
49	49	the malpractice liability insurer, or to the medical or dental health care provider or the filing of the 6
50	50	civil action, whichever first occurs. 7
51	51	SECTION 2. This act shall take effect upon passage and shall apply to judgments entered 8
52	52	on or after the date of passage. 9
53	53	========
54	54	LC000397
55	55	========
56	56
57	57
58	58	LC000397 - Page 3 of 3
59	59	EXPLANATION
60	60	BY THE LEGISLATIVE COUNCIL
61	61	OF
62	62	A N A C T
63	63	RELATING TO COURTS AND CIVIL PROCEDURE--PROCEDURE GENERALLY --
64	64	JUDGMENTS, ORDERS, AND DECREES -- INTEREST IN CIVIL ACTIONS
65	65	***
66	66	This act would provide that pre- and post-judgment interest on civil actions would begin 1
67	67	on the date of the filing of the civil action and would be calculated based upon a rate equal to the 2
68	68	coupon issue yield equivalent. 3
69	69	This act would take effect upon passage and would apply to judgments entered on or after 4
70	70	the date of passage. 5
71	71	========
72	72	LC000397
73	73	========