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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB5487 Introduced , by Rep. Will Guzzardi SYNOPSIS AS INTRODUCED:
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| 735 ILCS 5/2-1303 | from Ch. 110, par. 2-1303 |
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Amends the Code of Civil Procedure. Provides that for judgments of $50,000 or less that do not include any compensation for bodily injury or death, judgments recovered in
any court shall draw interest at a rate of 2% (currently 9% or 6% if the judgment debtor is a governmental entity) per annum. Effective immediately.
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| | A BILL FOR |
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| | HB5487 | | LRB100 20529 HEP 35914 b |
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| 1 | | AN ACT concerning civil law.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Code of Civil Procedure is amended by |
| 5 | | changing Section 2-1303 as follows:
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| 6 | | (735 ILCS 5/2-1303) (from Ch. 110, par. 2-1303)
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| 7 | | Sec. 2-1303. Interest on judgment. |
| 8 | | (a) Judgments recovered in
any court shall draw interest at |
| 9 | | the rate of 9% per annum from the date
of the judgment until |
| 10 | | satisfied at the rate of: |
| 11 | | (1) or 6% per annum when the judgment debtor is a unit
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| 12 | | of local government, as defined in Section 1 of Article VII |
| 13 | | of the Constitution,
a school district, a community college |
| 14 | | district, or any other governmental
entity |
| 15 | | (2) 2% per annum for judgments of $50,000 or less that |
| 16 | | do not include any compensation for bodily injury or death; |
| 17 | | and |
| 18 | | (3) 9% per annum in all other cases. |
| 19 | | (b) When judgment is entered upon any award, report or |
| 20 | | verdict, interest
shall be computed at the applicable above |
| 21 | | rate, from the time when made or rendered
to the time of |
| 22 | | entering judgment upon the same, and included in the judgment.
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| 23 | | Interest shall be computed and charged only on the unsatisfied |