LRB-1257/1
RPN:skg:jlb
1995 - 1996 LEGISLATURE
December 13, 1995 - Introduced by Senators Huelsman, Rude, Darling and
Rosenzweig, cosponsored by Representatives Green, Lehman, Schneiders,
Goetsch, Nass, Albers, Musser, Freese, Jensen, Ladwig, Hahn, Duff,
Skindrud, Lazich, Vrakas, Owens and Grothman. Referred to Committee on
Judiciary.
SB459,1,3
1An Act to renumber and amend 807.01 (4), 814.04 (4) and 815.05 (8); and
to
2create 807.01 (4) (b), 814.04 (4) (b) and 815.05 (8) (b) of the statutes;
relating
3to: changing the interest rate applicable to court judgments.
Analysis by the Legislative Reference Bureau
Under current law, a party in a lawsuit is entitled to interest on the amount of
money recovered in a judgment. The interest rate on the amount of money recovered
is 12% per year. This bill changes the interest rate to the average interest rate for
6-month U.S. treasury bills. The state treasurer is required to determine that rate
annually and certify that rate to the director of state courts on the first business day
in January.
For further information see the state and local fiscal estimate, which will be
printed as an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB459, s. 1
4Section
1. 807.01 (4) of the statutes is renumbered 807.01 (4) (a) and amended
5to read:
SB459,2,26
807.01
(4) If there is an offer of settlement by a party under this section which
7is not accepted and the party recovers a judgment which is greater than or equal to
8the amount specified in the offer of settlement, the party is entitled to interest at the
9annual rate
of 12% certified under par. (b) on the amount recovered from the date of
1the offer of settlement until the amount is paid. Interest under this section is in lieu
2of interest computed under ss. 814.04 (4) and 815.05 (8).
SB459, s. 2
3Section
2. 807.01 (4) (b) of the statutes is created to read:
SB459,2,84
807.01
(4) (b) The interest rate on the amount recovered under par. (a) shall
5be equal to the average interest rate for 6-month U.S. treasury bills during the
6calendar year preceding the year in which the offer is made, as certified to the
7director of state courts by the state treasurer on the first business day in January of
8each year.
SB459, s. 3
9Section
3. 814.04 (4) of the statutes is renumbered 814.04 (4) (a) and amended
10to read:
SB459,2,1411
814.04
(4) (a) Except as provided in s. 807.01 (4), if the judgment is for the
12recovery of money, interest at the rate
of 12% per year certified under par. (b) from
13the time of verdict, decision or report until judgment is entered shall be computed
14by the clerk and added to the costs.
SB459, s. 4
15Section
4. 814.04 (4) (b) of the statutes is created to read:
SB459,2,2016
814.04
(4) (b) The interest rate on the amount recovered under par. (a) shall
17be equal to the average interest rate for 6-month U.S. treasury bills during the
18calendar year preceding the year in which the judgment is entered, as certified to the
19director of state courts by the state treasurer on the first business day in January of
20each year.
SB459, s. 5
21Section
5. 815.05 (8) of the statutes is renumbered 814.05 (8) (a) and amended
22to read:
SB459,3,223
814.05
(8) (a) Except as provided in s. 807.01 (4), every execution upon a
24judgment for the recovery of money shall direct the collection of interest at the rate
1of 12% per year certified under par. (b) on the amount recovered from the date of the
2entry thereof until paid.
SB459, s. 6
3Section
6. 815.05 (8) (b) of the statutes is created to read:
SB459,3,84
815.05
(8) (b) The interest rate on the amount recovered under par. (a) shall
5be equal to the average interest rate for 6-month U.S. treasury bills during the
6calendar year preceding the year in which the judgment is entered, as certified to the
7director of state courts by the state treasurer on the first business day of January of
8each year.
SB459,3,17
10(1) Notwithstanding sections 807.01 (4) (b), 814.04 (4) (b) and 815.05 (8) (b) of
11the statutes, as created by this act, on the first business day of the 2nd month
12beginning after the effective date of this subsection, the state treasurer shall certify
13to the director of state courts the average interest rate for 6-month U.S. treasury
14bills during the preceding calendar year and that interest rate shall be used in
15sections 807.01 (4) (b), 814.04 (4) (b) and 815.05 (8) (b) of the statutes, as created by
16this act, until the first business day of the January following the effective date of this
17subsection.
SB459,3,20
19(1) This act first applies to judgments granted on the effective date of this
20subsection.
SB459, s. 9
21Section
9.
Effective dates. This act takes effect on the first day of the 3rd
22month beginning after publication, except as follows:
SB459,3,23
23(a) Section 7 of this act takes effect on the day after publication.
