Florida Senate - 2011                          SENATOR AMENDMENT
       Bill No. CS for CS for SB 866
       
       
       
       
       
       
                                Barcode 611164                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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                Floor: 1/AD/2R         .                                
             05/06/2011 03:13 PM       .                                
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       Senator Bogdanoff moved the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 18 - 58
    4  and insert:
    5         Section 1. Subsections (1), (2), and (3) of section 55.03,
    6  Florida Statutes, are amended to read:
    7         55.03 Judgments; rate of interest, generally.—
    8         (1) On December 1, March 1, June 1, and September 1 of each
    9  year, the Chief Financial Officer shall set the rate of interest
   10  that shall be payable on judgments or decrees for the calendar
   11  quarter year beginning January 1 and adjust the rate quarterly
   12  on April 1, July 1, and October 1 by averaging the discount rate
   13  of the Federal Reserve Bank of New York for the preceding 12
   14  months year, then adding 400 500 basis points to the averaged
   15  federal discount rate. The Chief Financial Officer shall inform
   16  the clerk of the courts and chief judge for each judicial
   17  circuit of the rate that has been established for the upcoming
   18  quarter year. The interest rate established by the Chief
   19  Financial Officer shall take effect on the first day January 1
   20  of each following calendar quarter year. Judgments obtained on
   21  or after January 1, 1995, shall use the previous statutory rate
   22  for time periods before January 1, 1995, for which interest is
   23  due and shall apply the rate set by the Chief Financial Officer
   24  for time periods after January 1, 1995, for which interest is
   25  due. This section does not Nothing contained herein shall affect
   26  a rate of interest established by written contract or
   27  obligation.
   28         (2) Any judgment for money damages or order for a judicial
   29  sale and any process or writ directed to a sheriff for execution
   30  shall bear, on its face, the rate of interest that is payable on
   31  the judgment. The rate of interest stated in the judgment, as
   32  adjusted in subsection (3), accrues on the judgment until it is
   33  paid.
   34         (3) The interest rate is established at the time a judgment
   35  is obtained and such interest rate shall be adjusted annually on
   36  January 1 of each year in accordance with the interest rate in
   37  effect on that date as set by the Chief Financial Officer remain
   38  the same until the judgment is paid, except for judgments
   39  entered by the clerk of the court pursuant to ss. 55.141, 61.14,
   40  938.29, and 938.30, which shall not be adjusted annually.
   41  
   42  ================= T I T L E  A M E N D M E N T ================
   43         And the title is amended as follows:
   44         Delete lines 3 - 12
   45  and insert:
   46         55.03, F.S.; requiring annual adjustments to the rate
   47         of interest payable on judgments; providing
   48         exceptions; revising the calculation of the interest
   49         rate; amending s. 717.1341, F.S.;