Louisiana Revised Statutes 13:4202 – Rates of judicial interest
Terms Used In Louisiana Revised Statutes 13:4202
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
A. The rate of judicial interest resulting from a lawsuit pending or filed during the indicated periods shall be as follows:
(1) Prior to September 12, 1980, the rate shall be seven percent per annum.
(2) On and after September 12, 1980, until September 11, 1981, the rate shall be ten percent per annum.
(3) On and after September 11, 1981, until January 1, 1988, the rate shall be twelve percent per annum.
(4) On January 1, 1988, and for the entire year of 1988, the rate shall be nine and three-quarters percent per annum.
(5) On January 1, 1989, and for the entire year of both 1989 and 1990, the rate shall be eleven and one-half percent per annum.
(6) On January 1, 1991, and for the entire year of 1991, the rate shall be eleven percent per annum.
(7) On January 1, 1992, and for the entire year of 1992, the rate shall be nine percent per annum.
(8) On January 1, 1993, and for the entire year of both 1993 and 1994, the rate shall be seven percent per annum.
(9) On January 1, 1995, and for the entire year of 1995, the rate shall be eight and three-quarters percent per annum.
(10) On January 1, 1996, and for the entire year of 1996, the rate shall be nine and three-quarters percent per annum.
(11) On and after January 1, 1997, until August 1, 1997, the rate shall be nine and one-quarter percent per annum.
(12) On and after August 1, 1997, and for the remainder of 1997, the rate shall be seven and nine-tenths percent per annum.
(13) On January 1, 1998, and for the entire year of 1998, the rate shall be seven and six-tenths percent per annum.
(14) On January 1, 1999, and for the entire year of 1999, the rate shall be six and seventy-three-hundredths percent per annum.
(15) On January 1, 2000, and for the entire year of 2000, the rate shall be seven and two hundred eighty-five-thousandths percent per annum.
(16) On January 1, 2001, and for the entire year of 2001, the rate shall be eight and two hundred forty-one-thousandths percent per annum.
B.(1) On and after January 1, 2002, the rate shall be equal to the rate as published annually, as set forth below, by the commissioner of financial institutions. The commissioner of financial institutions shall ascertain, on the first business day of October of each year, the Federal Reserve Board of Governors approved “discount rate” published daily in the Wall Street Journal. The effective judicial interest rate for the calendar year following the calculation date shall be three and one-quarter percentage points above the discount rate as ascertained by the commissioner.
(2) The judicial interest rate for the calendar year following the calculation date shall be published in the December issue of the Louisiana Bar Journal, the December issue of the Louisiana Register, and in one newspaper of general circulation in each of the cities of Alexandria, Baton Rouge, Lake Charles, Lafayette, Monroe, New Orleans, and Shreveport. The notice in such newspapers shall be published on two separate occasions, with at least one week between publications, during the month of December. The publication in the Louisiana Register shall not be considered rulemaking, within the intendment of the Administrative Procedure Act, La. Rev. Stat. 49:950 et seq., and particularly La. Rev. Stat. 49:961.
Acts 1997, No. 275, §§1, 3, eff. June 17, 1997; Acts 2001, No. 841, §1; Acts 2012, No. 825, §1, eff. June 14, 2012.