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Minutes for SB75 - Committee on Judiciary
Short Title
Changing the legal rate of interest from a fixed rate to a variable rate based on the statutory rate provided for interest on judgments.
Minutes Content for Wed, Feb 8, 2023
Chairwoman Warren opened the hearing on SB75. Jason Thompson provided an overview of the bill and stood for questions. (Attachment 4)
Eric Stafford testified in support of SB75 . He stated in Kansas, plaintiffs may recover interest on certain damages claimed in lawsuits. Statutes that allow prejudgment interest do so to compensate the plaintiff for the lost time value of money, and in light of this purpose, prejudgment interest rates should reflect real-world marketplace conditions. Through feedback received since the bill was introduced, he would ask the committee to consider the amendment provided with our testimony.(Attachment 5)
Cary Silverman testified in support of SB75, stating it will ensure plaintiffs are able to recover a fair rate of interest on judgments awarded in their favor without imposing a punitive rate on defendants. (Attachment 6)
Rex Sharp testified as an opponent to SB75. Under the current law, parties can and often do negotiate an interest rate for contract breach. He believe SB75 proposes a floating interest rate scheme that is unwieldy and unworkable.(Attachment 7)
Written-only testimony in opposition opposed of SB75 was submitted by Larry Zimmerman, Kansas Credit Attorneys Association.(Attachment 8)
There being no further conferees, the hearing on SB75 was closed.
