Previously, interest accrued at 10% per annum unless a different rate was contracted for in writing. Effective July 20, 2011, interest shall accrue at the lesser of 10% or 1% plus the prime rate. Therefore, judgments entered after July 20, 2011 currently bear interest at 4.25% (unless a different rate is agreed upon in writing).
Keep this revision to the law in mind in preparing and evaluating contracts going forward.
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