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Senate stalls bill to change prejudgment interest rate and trigger after extensive floor debate
Summary
Senators debated a proposal to replace Utah’s fixed 7.5% prejudgment interest with a variable rate tied to prime plus 1% and to change when interest begins; sponsors and opponents urged stakeholder negotiations and the Senate moved to circle the measure for further work.
Senators engaged in an extended debate over First Substitute Senate Bill 212, a proposal to change Utah’s prejudgment interest rule from a fixed 7.5% rate to a variable rate (proposed as 1% above prime) and to alter when interest begins accruing.
Sponsor Senator Oakland said the existing rate is “an outdated interest rate” and argued that moving to a rate tied to prime would reduce what he characterized as a “windfall” to plaintiffs in some cases and better align interest with current market conditions. He also said the…
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