The bill amends Section 9-21-10 of the General Laws in Chapter 9-21 entitled "Judgments, Orders, and Decrees," changing the way interest is calculated in civil actions for pecuniary damages. The previous fixed interest rate of twelve percent (12%) per annum from the date the cause of action accrued is deleted. Instead, the interest will now be calculated based on the coupon issue yield equivalent of the average accepted auction price for the last auction of fifty-two (52) week United States treasury bills settled immediately preceding the date of the filing of the civil action. This new method of calculation, as determined by the United States Secretary of the Treasury, will apply to both prejudgment and post-judgment interest.

Additionally, the bill removes subsection (b), which previously exempted certain medical malpractice actions against healthcare providers from the standard interest calculation and instead specified a twelve percent (12%) per annum rate from the date of written notice of the claim or the filing of the civil action, whichever occurred first. The act will take effect upon passage, meaning that the new interest calculation method will be used for all applicable civil actions from that point forward.

Statutes affected:
5179: 9-21-10