Amendment ASA2-AB523

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2013 - 2014 LEGISLATURE

ASSEMBLY SUBSTITUTE AMENDMENT 2, TO ASSEMBLY BILL 523

February 12, 2014 - Offered by Representatives Hebl, Wachs and Goyke.

AB523-ASA2,1,2 An Act to amend 807.01 (4), 814.04 (4) and 815.05 (8) of the statutes; relating to: interest rates on judgments in civil actions.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

AB523-ASA2,1 Section 1. 807.01 (4) of the statutes is amended to read:

AB523-ASA2,2,2 807.01 (4) If there is an offer of settlement by a party under this section which is not accepted and the party recovers a judgment which is greater than or equal to the amount specified in the offer of settlement, the party is entitled to interest at an the annual rate equal to 1 percent plus the prime rate in effect on January 1 of the year in which the judgment is entered if the judgment is entered on or before June 30 of that year or in effect on July 1 of the year in which the judgment is entered if the judgment is entered after June 30 of that year, as reported by the federal reserve board in federal reserve statistical release H. 15, of 8 percent on the amount recovered from the date of the offer of settlement until the amount is paid. Interest under this section is in lieu of interest computed under ss. 814.04 (4) and 815.05 (8).

AB523-ASA2,2 Section 2. 814.04 (4) of the statutes is amended to read:

AB523-ASA2,2,12 814.04 (4) Interest on verdict. Except as provided in s. 807.01 (4), if the judgment is for the recovery of money, interest at an the annual rate equal to 1 percent plus the prime rate in effect on January 1 of the year in which the judgment is entered if the judgment is entered on or before June 30 of that year or in effect on July 1 of the year in which the judgment is entered if the judgment is entered after June 30 of that year, as reported by the federal reserve board in federal reserve statistical release H. 15, of 8 percent on the amount of the money judgment from the time of verdict, decision, or report until judgment is entered shall be computed by the clerk and added to the costs.

AB523-ASA2,3 Section 3. 815.05 (8) of the statutes is amended to read:

AB523-ASA2,2,21 815.05 (8) Except as provided in s. 807.01 (4), every execution upon a judgment for the recovery of money shall direct the collection of interest at an the annual rate equal to 1 percent plus the prime rate in effect on January 1 of the year in which the judgment is entered if the judgment is entered on or before June 30 of that year or in effect on July 1 of the year in which the judgment is entered if the judgment is entered after June 30 of that year, as reported by the federal reserve board in federal reserve statistical release H. 15, of 8 percent on the amount recovered from the date of the entry of the judgment until it is paid.

AB523-ASA2,4 Section 4. Initial applicability.

AB523-ASA2,2,24 (1) This act first applies to a judgment entered on the effective date of this subsection.

AB523-ASA2,2,25 (End)