By:  Averitt                                                      S.B. No. 1156
	(In the Senate - Filed March 11, 2003; March 17, 2003, read 
first time and referred to Committee on Jurisprudence; 
April 7, 2003, reported adversely, with favorable Committee 
Substitute by the following vote:  Yeas 6, Nays 0; April 7, 2003, 
sent to printer.)


COMMITTEE SUBSTITUTE FOR S.B. No. 1156                                   By:  Averitt


A BILL TO BE ENTITLED

AN ACT


relating to the postjudgment interest rate.                                 
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:                        
	SECTION 1.  Subsection (c), Section 304.003, Finance Code, 
is amended to read as follows:
	(c)  The postjudgment interest rate is:                                        
		(1)  the weekly average one-year constant maturity 
treasury yield [auction rate quoted on a discount basis for 52-week 
treasury bills issued by the United States government] as most 
recently published by the Board of Governors of the Federal Reserve 
System [Board] before the date of computation;
		(2)  10 percent a year if the [auction] rate described 
by Subdivision (1) is less than 10 percent; or
		(3)  20 percent a year if the [auction] rate described 
by Subdivision (1) is more than 20 percent.
	SECTION 2.  This Act takes effect immediately if it receives 
a vote of two-thirds of all the members elected to each house, as 
provided by Section 39, Article III, Texas Constitution.  If this 
Act does not receive the vote necessary for immediate effect, this 
Act takes effect September 1, 2003.



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