On February 15, 2012, Rep. Bob Gardner and Sen. Steve King introduced HB 12-1305 – Concerning Statutory Rates of Interest. This summary is published here courtesy of the Colorado Bar Association’s e-Legislative Report.
Currently, if no interest rate is specified, creditors are entitled to receive interest at a rate of 8% per annum compounded annually. The bill changes the statutory interest rate to a rate equal to 2 percentage points above the discount rate that the federal reserve bank of Kansas City charges commercial banks as of January 2 of the year in which the moneys become due. The Secretary of state will certify the interest rate each January 2.
Currently, the secretary of state certifies the interest rate for judgments that are appealed and for damages for personal injuries on December 31 for the following year. The bill changes the date of certification to January 2 for each year. The bill clarifies language on interest recoverable for damages in a personal injury action. On March 28 the bill was defeated on 3rd Reading on the floor of the House.
Summaries of other featured bills can be found here.