S.B. No. 1450
AN ACT
relating to judgment interest.
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 prime rate as published by the Board of
Governors of the Federal Reserve System [Bank of New York] on the
date of computation;
(2) five percent a year if the prime rate as published
by the Board of Governors of the Federal Reserve System [Bank of New
York] described by Subdivision (1) is less than five percent; or
(3) 15 percent a year if the prime rate as published by
the Board of Governors of the Federal Reserve System [Bank of New
York] described by Subdivision (1) is more than 15 percent.
SECTION 2. This Act takes effect September 1, 2005.
______________________________ ______________________________
President of the Senate Speaker of the House
I hereby certify that S.B. No. 1450 passed the Senate on
May 5, 2005, by the following vote: Yeas 29, Nays 0.
______________________________
Secretary of the Senate
I hereby certify that S.B. No. 1450 passed the House on
May 25, 2005, by a non-record vote.
______________________________
Chief Clerk of the House
Approved:
______________________________
Date
______________________________
Governor