(b) This section shall apply to all judgments entered on and after Sept. (a) Judgments for the payment of money, other than costs, if based upon a contract action, bear interest from the day of the cause of action, at the same rate of interest as stated in the contract all other judgments shall bear interest at the rate of 7.5 percent per annum, the provisions of Section 8-8-1 to the contrary notwithstanding provided, that fees allowed a trustee, executor, administrator, or attorney and taxed as a part of the cost of the proceeding shall bear interest at a like rate from the day of entry. 1, 2011: 7.5% interest on the unpaid principle balance at the end of each month. 1, 2011: 12% interest on the unpaid principle balance at the end of each month.Īfter Sept. The following table describes each state’s policy on charging interest. Other: Alabama, Georgia, Indiana, Massachusetts, Missouri, Oklahoma, Rhode Island, South Dakota and West Virginia.Dependent on Market Factors: Florida, Michigan, Nebraska, Nevada, North Dakota, Ohio and Puerto Rico.6% per annum: Alaska, Guam, Maine, Tennessee, Texas, Vermont, Virginia and Wisconsin.9% per annum: Illinois, New York and Oregon.10% per annum: Arizona, Arkansas, California, Iowa and Wyoming.12% per annum: Colorado, Kentucky and Washington.Many charge interest at set rates per year: Thirty-four states, Guam and Puerto Rico authorize interest charges for child support arrears. States may look at interest on child support arrears as both an incentive to encourage timely payments as well as a penalty for those who do not make payments. The interest is generally determined in the same way as other civil judgments. States have the authority to charge interest on unpaid support at the rate set by state statute. Many parents who owe child support miss payments and accrue some amount of debt or arrearage. Law, Criminal Justice and Public Safety.Communications, Financial Services and Interstate Commerce.E-Learning | Staff Professional Development.Research, Editorial, Legal and Committee Staff.Legislative Staff Coordinating Committee.Institute for International Cooperation.
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