REPRESENTATIVE Marissa R. Flores last week pre-filed House Bill 23-1 which is proposing to reduce the interest rate of a civil judgment.
Title 7 Section 4101 or the law on civil procedure states that “every judgment for the payment of money shall bear interest at the rate of nine percent [9%] a year from the date it is entered.”
H.B. 23-1, which would reduce the interest rate to 3%, states that “many of our constituents, particularly those whom our judicial courts ruled against in regards to money judgments, find it problematic and extremely burdensome to compensate for the amount set forth by our court as well as its corresponding excessive amount of interest.”
“It is imperative to lower the interest rate from 9% to 3% to provide necessary financial relief for those individuals who are struggling to pay the money judgments without violating the integrity of such judgments, and allow for them to efficiently continue their court-ordered obligation,” the bill stated.
Marissa Flores
