SB1059 is a bill that proposes amendments to section 44-1201 of the Arizona Revised Statutes, which governs interest rates on loans, indebtedness, obligations, and judgments. The bill seeks to adjust the effective date of the prime rate used for determining interest on judgments. Currently, the interest rate on judgments is the lesser of 10 percent per year or 1 percent plus the prime rate as published by the Federal Reserve on the date the judgment is entered.

The new bill language specifies that any change in the interest rate prescribed for judgments will take effect on the first business day following publication by the Federal Reserve, rather than on the date the judgment is entered. This adjustment aims to provide a more current reference for the prime rate affecting interest on judgments. The bill also includes technical changes to the language, such as replacing "per cent per annum" with "percent a year" for consistency. The bill is set to become effective on the general effective date.

Statutes affected:
Introduced Version: 44-1201
Senate Engrossed Version: 44-1201
Chaptered Version: 44-1201