Senate Sponsors: TROTTER. Short description: INTEREST ACT-PREJUDGMENT Synopsis of Bill as introduced: Amends the Interest Act. Deletes language providing that creditors are allowed to receive interest at the rate of 5% per annum under specified circumstances. Also deletes language providing that, in the absence of an agreement between the creditor and debtor governing interest charges, upon 30 days' written notice to the debtor, an assignee or agent of the creditor may charge and collect interest on behalf of a creditor. Inserts language providing that the rate of prejudgment interest is 5% per year unless agreed otherwise, specifying the manner of computing prejudgment interest, and specifying circumstances under which prejudgment interest is recoverable. Applies to all causes of action accruing on or after the date it becomes law. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status