SRC-JLB C.S.S.B. 1156 78(R)BILL ANALYSIS


Senate Research CenterC.S.S.B. 1156
78R10874 DAK-FBy: Averitt
Jurisprudence
4/5/2003
Committee Report (Substituted)


DIGEST AND PURPOSE 

Currently, courts may award postjudgment interest based on the calculation
of a 52-week United States treasury bill rate as a protection to the
prevailing party.  However, the United States Treasury has eliminated the
52-week treasury bill.  C.S.S.B. 1156 replaces the 52-week United States
treasury bill rate with the weekly average one-year constant maturity
treasury yield for purposes of computing the postjudgment interest rate. 

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 provide a certain
postjudgment interest rate. 

SECTION 2.  Effective date:  upon passage or September 1, 2003.

SUMMARY OF COMMITTEE CHANGES

Differs from original by removing the phrase "determination of" from the
relating clause. 

SECTION 1.  Differs from original by deleting the term "auction"  from the
phrase "auction rate"  as relates to the postjudgment rate, and by making
nonsubstantive changes to the text of this section. 

SECTION 2.  No change.