Full Text of HB0048 102nd General Assembly
HB0048ham001 102ND GENERAL ASSEMBLY | Rep. Rita Mayfield Filed: 3/17/2021
| | 10200HB0048ham001 | | LRB102 04081 LNS 23816 a |
|
| 1 | | AMENDMENT TO HOUSE BILL 48
| 2 | | AMENDMENT NO. ______. Amend House Bill 48 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Code of Civil Procedure is amended by | 5 | | changing Section 2-1303 as follows:
| 6 | | (735 ILCS 5/2-1303) (from Ch. 110, par. 2-1303)
| 7 | | Sec. 2-1303. Interest on judgment. | 8 | | (a) Except as provided in subsection (b), judgments | 9 | | recovered in
any court shall draw interest at the rate of 9% | 10 | | per annum from the date
of the judgment until satisfied or 6% | 11 | | per annum when the judgment debtor is a unit
of local | 12 | | government, as defined in Section 1 of Article VII of the | 13 | | Constitution,
a school district, a community college district, | 14 | | or any other governmental
entity. When judgment is entered | 15 | | upon any award, report or verdict, interest
shall be computed | 16 | | at the above rate, from the time when made or rendered
to the |
| | | 10200HB0048ham001 | - 2 - | LRB102 04081 LNS 23816 a |
|
| 1 | | time of entering judgment upon the same, and included in the | 2 | | judgment.
Interest shall be computed and charged only on the | 3 | | unsatisfied portion of
the judgment as it exists from time to | 4 | | time. The judgment debtor may by
tender of payment of | 5 | | judgment, costs and interest
accrued to the date of tender, | 6 | | stop the further accrual of interest on such
judgment | 7 | | notwithstanding the prosecution of an appeal, or other steps | 8 | | to
reverse, vacate or modify the judgment.
| 9 | | (b)(1) As used in this Section: | 10 | | "Consumer debt" means money or property, or the | 11 | | equivalent, due or owing, or alleged to be due or owing, from a | 12 | | natural person by reason of a transaction in which property, | 13 | | services, or money is acquired by that natural person | 14 | | primarily for personal, family, or household purposes. | 15 | | "Consumer debt judgment" means a judgment recovered in any | 16 | | court against one or more natural persons arising out of | 17 | | consumer debt. "Consumer debt judgment" does not include any | 18 | | compensation for bodily injury or death, nor any judgment | 19 | | entered where the debt is guaranteed by or contains a joint and | 20 | | several liability provision between a natural person and a | 21 | | business, whether or not that business is legally constituted | 22 | | under the laws of this State or any other state , nor any | 23 | | judgment prior to January 1, 2020, nor any judgment entered | 24 | | for an arrearage of child support . | 25 | | (2) Notwithstanding subsection (a), consumer debt | 26 | | judgments of $25,000 or less shall draw interest from the date |
| | | 10200HB0048ham001 | - 3 - | LRB102 04081 LNS 23816 a |
|
| 1 | | of the judgment until satisfied at the rate of 5% per annum. | 2 | | (3) The judgment debtor may, by tender of payment of | 3 | | judgment, costs, and interest accrued to the date of tender, | 4 | | stop the further accrual of interest on the consumer debt | 5 | | judgment, notwithstanding the prosecution of an appeal, or | 6 | | other steps to reverse, vacate, or modify the judgment. | 7 | | (4) This subsection applies to all consumer debt judgments | 8 | | entered into after the effective date of this amendatory Act | 9 | | of the 101st General Assembly. | 10 | | (c) Notwithstanding any other provision of this Code, | 11 | | child support judgments shall draw interest at a rate of: | 12 | | (1) for an individual with a gross income less than | 13 | | the State median income as reported by the United States | 14 | | Census Bureau, 0% interest per annum; | 15 | | (2) for an individual with a gross income equal to or | 16 | | up to 2 times the median State income as reported by the | 17 | | United States Census Bureau, 3% interest per annum, which | 18 | | shall automatically be increased or decreased, as | 19 | | applicable, by a percentage equal to the percentage change | 20 | | in the consumer price index-u during the preceding | 21 | | 12-month calendar year; or | 22 | | (3) for an individual with a gross income over 2 times | 23 | | the median State income as reported by the United States | 24 | | Census Bureau, 9% per annum. | 25 | | As used in this subsection, "consumer price index-u" has | 26 | | the meaning provided in Section 8-2006. This subsection |
| | | 10200HB0048ham001 | - 4 - | LRB102 04081 LNS 23816 a |
|
| 1 | | applies to all child support judgments entered into after the | 2 | | effective date of this amendatory Act of the 102nd General | 3 | | Assembly. | 4 | | | 5 | | (Source: P.A. 101-168, eff. 1-1-20 .)".
|
|