DATE:
August 10, 2011
TO:
Agency Addressed (No. 04, 2011-2012)
FROM:
Christina Smith, Director
Division of Accounting and Auditing
Department of Financial Services
SUBJECT:
JUDGMENT INTEREST RATES
Chapter 2011-169, Laws of Florida, amended Section 55.03, Florida Statutes (F.S.), to require the Chief
Financial Officer (CFO) to set the rate of interest that shall be payable on judgments and decrees on a
quarterly basis rather than an annual basis. Under the new law, the CFO will establish and publish the new
interest rate according to the following schedule:
Date the Rate is
Established and
Published
December 1
March 1
June 1
September 1
Date the Rate
Takes Effect – The
Quarter Beginning:
January 1
April 1
July 1
October 1
This law became effective on July 1, 2011. Therefore, the first quarterly interest rate will be published by
the CFO on September 1, 2011. Thereafter, quarterly interest rates will be established according the
schedule above.
The interest rate established under Section 55.03, F.S., applies to Section 215.422(3)(b), F.S., for late
payment interest. FLAIR is being modified to calculate prompt payment interest on a quarterly basis as
required under the new law. The FLAIR modifications will take effect on October 1, 2011.
The interest rate for a judgment is established at the time a judgment is obtained and such interest rate shall
be adjusted annually on January 1 of each year in accordance with the interest rate in effect on that date as
set by the CFO until the judgment is paid, except for judgments entered by the clerk of the court, pursuant
to Sections 55.141, 61.14, 938.29, and 938.30, F.S., which shall not be adjusted annually.
The current and historical interest rates are located at http://www.myfloridacfo.com/aadir/interest.htm.
Please call the Vendor Ombudsman Section at (850) 413-5516 if additional information is needed.