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SB-1206 Enforcement of judgments: interest rate.(2009-2010)

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CALIFORNIA LEGISLATURE— 2009–2010 REGULAR SESSION

Senate Bill
No. 1206

Introduced  by  Senator Aanestad

February 18, 2010

An act to amend Section 685.010 of the Code of Civil Procedure, relating to civil judgments.


LEGISLATIVE COUNSEL'S DIGEST


SB 1206, as introduced, Aanestad. Enforcement of judgments: interest rate.
Existing law provides for interest to accrue at a rate of 10% per annum on the principal amount of a money judgment remaining unsatisfied. Existing law also permits the Legislature to decrease the interest rate to less than 10%.
This bill would make a technical, nonsubstantive change to these provisions.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 Section 685.010 of the Code of Civil Procedure is amended to read:

685.010.
 (a) Interest accrues at the rate of 10 percent per annum on the principal amount of a money judgment remaining unsatisfied.
(b) The Legislature reserves the right to change the rate of interest provided in subdivision (a) at any time to a rate of less than 10 percent per annum, regardless of the date of entry of the judgment or the date any obligation upon which the judgment is based was incurred. A Any change in the rate of interest may be made applicable only to the interest that accrues after the operative date of the statute that changes the rate.