SRC-VRA H.B. 2415 78(R) BILL ANALYSIS Senate Research Center H.B. 2415 By: Hopson (Averitt) Jurisprudence 5/8/2003 Engrossed DIGEST AND PURPOSE In granting judgments, a court may award postjudgment interest as protection to the prevailing party. Current law requires the consumer credit commissioner to calculate the postjudgment interest rate based on the auction rate quoted on a discount basis for 52-week treasury bills. H.B. 2415 replaces this rate with the weekly average one-year constant maturity treasury yield. RULEMAKING AUTHORITY This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency. SECTION BY SECTION ANALYSIS SECTION 1. Amends Section 304.003(c), Finance Code, to base the calculation of the postjudgment interest rate upon the weekly average one-year constant maturity treasury yield in lieu of using the auction rate quoted on a discount basis for 52-week treasury bills, as most recently published by the Board of Governors of the Federal Reserve System, rather than by the Federal Reserve Board. Makes conforming changes to Subdivisions (2) and (3). SECTION 2. Effective date: upon passage or September 1, 2003.