House File 344 - Introduced HOUSE FILE 344 BY HAGENOW A BILL FOR An Act relating to recovery of prejudgment interest in relation 1 to an offer to confess judgment. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 2647HH (3) 84 rh/rj

H.F. 344 Section 1. NEW SECTION . 677.10A Prejudgment interest. 1 If any offer to confess judgment is made under this chapter 2 and is not accepted, and a subsequent trial results in a 3 judgment which is less than the offer to confess judgment, 4 prejudgment interest shall not be calculated or be subject to 5 recovery after the date of the offer to confess judgment. 6 EXPLANATION 7 This bill limits recovery of prejudgment interest in any 8 pending or proposed action where an offer to confess judgment 9 is made, but is not accepted, and a subsequent trial results in 10 a judgment that is less than the amount in the offer to confess 11 judgment. In such a case, no prejudgment interest is to be 12 calculated or is recoverable after the date of the offer to 13 confess judgment. 14 -1- LSB 2647HH (3) 84 rh/rj 1/ 1