House File 2380

                                       HOUSE FILE       
                                       BY  COMMITTEE ON COMMERCE,
                                           REGULATION AND LABOR

                                       (SUCCESSOR TO HSB 556)


    Passed House,  Date               Passed Senate, Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act modifying the rate of interest payable on weekly workers'
  2    compensation benefits.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 5354HV 80
  5 av/gg/14

PAG LIN

  1  1    Section 1.  Section 535.3, subsection 1, Code 2003, is
  1  2 amended to read as follows:
  1  3    1.  Interest shall be allowed on all money due on judgments
  1  4 and decrees of courts at a rate calculated according to
  1  5 section 668.13, except for interest due pursuant to section
  1  6 85.30 for which the rate shall be ten percent per year.
  1  7                           EXPLANATION
  1  8    This bill amends Code section 535.3, subsection 1, to
  1  9 provide that interest on weekly workers' compensation payments
  1 10 is payable at a rate that is equal to the one=year treasury
  1 11 constant maturity published by the federal reserve in the H15
  1 12 report settled immediately prior to the date of judgment plus
  1 13 2 percent, instead of at a rate of 10 percent per year.  The
  1 14 state court administrator is required to distribute monthly
  1 15 notices of the applicable interest rate and any changes to
  1 16 that rate to all district courts.
  1 17 LSB 5354HV 80
  1 18 av/gg/14
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