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Utah House Rejects Change to 10% Prejudgment Interest Rate After Heated Floor Debate
Summary
Lawmakers debated whether to replace a flat 10% prejudgment interest rate with a market‑based 5–10% range before the House voted 34–40 to reject the changes; sponsors said the update would modernize an 1981 standard, opponents warned it could weaken incentives to settle.
The Utah House of Representatives on March 3 debated amendments to the state's prejudgment interest statute and ultimately voted down proposed changes intended to lower the flat 10% rate.
Representative Jason B. Powell, the bill sponsor, told colleagues the 10% prejudgment rate "was set in 1981" and argued that today it produces an outsized windfall compared with modern market rates.…
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