2023 -- S 0633

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LC002371

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2023

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A N   A C T

RELATING TO COURTS AND CIVIL PROCEDURE--PROCEDURE GENERALLY --

JUDGMENTS, ORDERS, AND DECREES -- INTEREST IN CIVIL ACTIONS

     Introduced By: Senator Roger Picard

     Date Introduced: March 07, 2023

     Referred To: Senate Judiciary

     It is enacted by the General Assembly as follows:

     SECTION 1. Section 9-21-10 of the General Laws in Chapter 9-21 entitled "Judgments,

Orders, and Decrees" is hereby amended to read as follows:

     9-21-10. Interest in civil actions.

     (a) In any civil action in which a verdict is rendered or a decision made for pecuniary

damages, there shall be added by the clerk of the court to the amount of damages interest at the rate

of twelve percent (12%) per annum thereon from the date the cause of action accrued of the filing

of the civil action calculated at a rate equal to the coupon issue yield equivalent, as determined by

the U.S. Secretary of the Treasury, of the average accepted auction price for the last auction of

fifty-two (52) week U.S. Treasury bills settled immediately preceding the date of the filing of the

action, which shall be included in the judgment entered therein. Post-judgment interest shall be

calculated the rate of twelve percent (12%) per annum and accrue on both the principal amount of

the judgment and the prejudgment interest entered therein a rate equal to the coupon issue yield

equivalent, as determined by the U.S. Secretary of the Treasury, of the average accepted auction

price for the last auction of fifty-two (52) week U.S. Treasury bills settled immediately preceding

the date of the filing of the action. This section shall not apply until entry of judgment or to any

contractual obligation where interest is already provided.

     (b) Subsection (a) shall not apply in any action filed on or after January 1, 1987, for

personal injury or wrongful death filed against a licensed physician, hospital, clinic, health

maintenance organization, professional service corporation providing health care services, dentist,

or dental hygienist based on professional negligence. In all such medical malpractice actions in

which a verdict is rendered or a decision made for pecuniary damages, there shall be added by the

clerk of the court to the amount of damages interest at the rate of twelve percent (12%) per annum

thereon from the date of written notice of the claim by the claimant or his or her representative to

the malpractice liability insurer, or to the medical or dental health care provider or the filing of the

civil action, whichever first occurs.

     SECTION 2. This act shall take effect upon passage and shall apply to judgments entered

on or after the date of passage.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO COURTS AND CIVIL PROCEDURE--PROCEDURE GENERALLY --

JUDGMENTS, ORDERS, AND DECREES -- INTEREST IN CIVIL ACTIONS

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     This act would provide that pre- and post-judgment interest on civil actions would begin

on the date of the filing of the civil action and would be calculated based upon a rate equal to the

coupon issue yield equivalent.

     This act would take effect upon passage and would apply to judgments entered on or after

the date of passage.

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LC002371

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