Summary of the Committee Version of the Bill
HCS HB 1935 -- INTEREST RATES
COMMITTEE ACTION: Voted "do pass" by the Committee on General
Laws by a vote of 10 to 4.
This substitute changes the laws regarding the application of a
specific interest rate. The interest rate will be the adjusted
prime rate charged by banks as determined by the Department of
Revenue or the adjusted prime rate plus 1% for certain interest
rates used by the Director of the Department of Revenue, late
payments by the state for supplies and services, late payments by
public entities to contractors, repayment of teaching degree
scholarships, workers’ compensation benefit payments, delinquent
workers’ compensation taxes, nursing student loans, creditor
claims on written contracts that did not specify the rate of
interest, judgments in tort cases, securities litigation, loans
to political subdivisions for alternative fuel vehicles, failure
to pay the odorized propane assessment, certain payments by and
to the Land Reclamation Commission within the Department of
Natural Resources, unclaimed property that the holder fails to
pay the State Treasurer, overpayments by the Department of Mental
Health to vendors, and judgments against air contaminant sources
that have not paid fees.
FISCAL NOTE: Estimated Net Cost on General Revenue Fund of
Unknown in FY 2013, FY 2014, and FY 2015. Estimated Net Cost on
Other State Funds of $11,375 in FY 2013, FY 2014, and FY 2015.
PROPONENTS: Supporters say that the bill makes the rate uniform
across all areas.
Testifying for the bill were Representative Franz; and Missouri
Chamber of Commerce and Industry.
OPPONENTS: There was no opposition voiced to the committee.
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