Interest Rates that states charge, including state-specific rules 01

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Interest Table
01/04/2010
The following table provides information on the interest charged by each of the 50 states
and its territories:
INTEREST FOR THE UNITED STATES AND TERRITORIES
STATE
INTEREST
Alabama
12% per annum.
Alaska
6% per annum effective 10/1/96, charged at the end the month
the support was due and not paid. Prior to 10/1/96, 12% per
annum.
Arizona
10% simple interest per annum.
Arkansas
State law provides for 10% per annum. Interest should be
reduced to a judgment by a court or a sum certain indicated by
the other state.
California
10% per annum; accrues from date installment or from date of
entry of judgment.
Colorado
Interest may be calculated for child support arrearages. The
following interest percentages can be calculated: prior to June
30, 1975, 6% simple interest; July 1, 1975, through June 30,
1979, 8% simple interest; July 1, 1979 through June 30, 1986,
8% compounded interest; and July 1, 1986, through the present
12 percent compounded interest.
Connecticut
None.
Delaware
None.
District of Columbia
None.
Florida
Rates determined by state’s comptroller.
Georgia
12% per year before 12/31/06; 7% per year after 1/01/07.
Guam
6% per annum effective 1/1/08; prior to 1/1/08, 12% per annum.
Hawaii
None.
Idaho
No.
Illinois
9% per annum, but IV-D Agency does not provide for collection.
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Interest Table
01/04/2010
STATE
INTEREST
Indiana
8% per annum if arrearage amount determined in court entry, but
court has discretion, upon request, to order up to 1.5% interest
per month.
Iowa
Laws allow for 10% but not commonly collected or enforced.
Kansas
No, but Kansas law does provide for the assessment and
collection of judgment interest, however, the Kansas IV-D
program does not calculate or enforce judgment interest.
Kentucky
Louisiana
12%, but only if reduced to judgment.
None.
Maine
Although the State of Maine does not charge interest it is
authorized by statute. 19-A MRSA §2354 states that
Commissioner (DHHS) may collect interest of 6% per annum on
any support due or owing to the Department. 14 MRSA §1602-C
authorizes Treasury Bill plus 6% post-judgment interest.
Maryland
None. 10% simple interest on money judgments. Only applied
in limited number of cases by direction of the court.
Massachusetts
12% annually. Depending upon payments received, in
accordance with Massachusetts' regulations, obligors might not
be assessed interest or might be eligible to apply for a waiver
under certain circumstances. M.G.L. c.119A, s6(a) 830 CMR
s119A.6.1.
Michigan
After 1/1/2010, discretionary surcharge to be imposed by the
Court only for willful failure to pay child support. The
surcharge shall be calculated at 6-month intervals at an annual
rate of interest equal to 1% plus the average interest rate paid at
auctions of 5-year United States treasury notes during the 6
months immediately preceding July 1 and January 1, as certified
by the state treasurer. Prior to 1/1/2010, surcharge was
mandatory; see MCL 552.603a for historical timeline breakdown
of past rates.
Minnesota
Non-child support judgments rates are set by Legislature. For
child support the interest rate is the current judgment rate, plus
2%.
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Interest Table
01/04/2010
STATE
INTEREST
Mississippi
Charged depending on order. If payment is missed, usually 8%
when ordered by the Court.
Missouri
1% per month simple interest once reduced to lump sum
judgment. Obligee must complete and file computation with
circuit clerk to make interest collectible.
Montana
No.
Nebraska
Child support is considered a judgment. The interest rate on
judgments is fixed at a rate equivalent yield of the average
accepted auction price for the last auction of one-year Treasury
bills, and takes effect two weeks after the publication of the
auction price by the Secretary of the Treasury, pursuant to Neb.
Rev. Stat. §45-103.
Nevada
When there is no express contract in writing fixing a different
rate of interest, interest must be allowed at a rate equal to the
prime rate at the largest bank in Nevada, as ascertained by the
Commissioner of Financial Institutions, on January 1 or July 1,
as the case may be, immediately preceding the date of the
transaction, plus 2 percent, upon all money from the time it
becomes due.
New Hampshire
None.
New Jersey
The Child Support Program in NJ does not charge interest.
However, under court rule and case law, when a child support
obligor seeks a warrant of satisfaction, or full arrears will be
satisfied as a result of the child support lien law, or the Probation
Division of the Superior Court locates and executes on assets of
the obligor in an amount that satisfies the total arrearage, the
collection of post-judgment interest must be addressed. The
amount of post-judgment interest shall be calculated in
accordance with the approved interest rates for judgments in
effect during the periods in which the judgment was open. Such
post-judgment interest rates are set on an annual basis pursuant
to Court Rule 4:42-11 and are promulgated by the
Administrative Director of the Courts by notices to the bar.
Effective 1/1/10, the annual interest rate is 1.5%.
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Interest Table
01/04/2010
STATE
INTEREST
New Mexico
New York
Yes; Currently 4% effective 5/19/04. Prior to then, 8.75% from
6/18/93-5/18/04, and 15% from 6/17/83- 6/17/93.
9% if reduced to a money judgment.
North Carolina
None.
North Dakota
For calendar year 2010 rate is 6.50%. Interest rate is equal to the
prime rate as published in the Wall Street Journal on the first
Monday in December of each year plus three percentage points
and rounded up to the next one-half percentage point. Interest
may not be compounded. The IV-D program will calculate
interest on arrears that accrued after July 1, 2002. For arrears
that accrued on or before July 1, 2002, the IV-D program will
calculate interest effective January 1, 2004. Otherwise, interest
will only be added to the IV-D program's records if a court has
ordered the interest amount to be calculated by some other
individual or entity and has approved the calculated amount. For
purposes of interest, arrears must be due in a month prior to the
current month.
Ohio
(Although the Ohio Revised Code contains the following
language, the addition of interest to a child support order is
extremely rare.) The court shall assess interest on the amount of
support an obligor failed to pay if the court determines the
failure to be willful and the arrears accrued after July 15, 1992.
Oklahoma
Interest accrues at the statutory rate of 10% per year.
Oregon
9% only if party requests and provides an accounting that
includes a calculation of interest. Periodic updates must be
provided for case to reflect ongoing interest accrual.
Pennsylvania
None.
Puerto Rico
None.
Rhode Island
12% per annum.
South Carolina
None.
South Dakota
Discretionary with the courts on whether to grant interest or not.
1% per month if awarded. However, South Dakota DCS does
not compute or collect interest. .
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Interest Table
01/04/2010
STATE
INTEREST
Tennessee
None.
Texas
6% simple interest per year from the date support is delinquent
(31st day after payment due date).
Utah
Federal post-judgment rate plus 2% on adjudicated arrears only.
The rate changes each January.
Vermont
As a matter of policy, OCS is not currently charging interest in
TANF cases. In Non-TANF cases, a surcharge of 12% per
annum (simple, not compounded) is charged only on amounts
reduced to judgments.
Virgin Islands
No.
Virginia
Statutory rate of 6% on amount unpaid after 30 days since
7/1/04. 9% from 7/30/91-6/30/04.
Washington
No.
West Virginia
5% per annum simple interest effective 7/1/08. Prior to 7/1/08,
10% per annum simple interest.
Wisconsin
1% per month on all arrearages greater than one month’s worth
of support.
Wyoming
May be 10% penalty on current missed obligation payments.
10% may be charged on amount reduced to judgment.
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