72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
 
 
                            Enrolled
 
                         House Bill 2498
 
Sponsored by COMMITTEE ON JUDICIARY (at the request of Oregon
  Medical Association and Oregon Association of Hospitals and
  Health Systems)
 
 
                     CHAPTER ................
 
 
                             AN ACT
 
 
Relating to interest on judgments; creating new provisions; and
  amending ORS 82.010.
 
Be It Enacted by the People of the State of Oregon:
 
  SECTION 1. ORS 82.010 is amended to read:
  82.010. (1) The rate of interest for the following
transactions, if the parties have not otherwise agreed to a rate
of interest, is nine percent per annum and is payable on:
  (a) All moneys after they become due; but open accounts bear
interest from the date of the last item thereof.
  (b) Money received to the use of another and retained beyond a
reasonable time without the owner's express or implied consent.
  (c) Money due or to become due where there is a contract to pay
interest and no rate specified.
  (2) Except as provided in this subsection, the rate of interest
on judgments for the payment of money is nine percent per annum.
The following apply as described:
  (a) Interest on a judgment under this subsection accrues from
the date of the entry of the judgment unless the judgment
specifies another date.
  (b) Interest on a judgment under this subsection is simple
interest, unless otherwise provided by contract.
  (c) Interest accruing from the date of the entry of a judgment
shall also accrue on interest that accrued before the date of
entry of a judgment.
  (d) Interest under this subsection shall also accrue on
attorney fees and costs entered as part of the judgment.
  (e) A judgment on a contract bearing more than nine percent
interest shall bear interest at the same rate provided in the
contract as of the date of entry of the judgment.
   { +  (f) The rate of interest on a judgment rendered in favor
of a plaintiff in a civil action to recover damages for injuries
resulting from the professional negligence of a person licensed
by the Board of Medical Examiners under ORS chapter 677 or the
Oregon State Board of Nursing under ORS 678.010 to 678.410 is the
lesser of five percent per annum or three percent in excess of
the discount rate in effect at the Federal Reserve Bank in the
Federal Reserve district where the injuries occurred. + }
  (3) Except as provided in ORS 82.025, no person shall:
  (a) Make a business or agricultural loan of $50,000 or less at
an annual rate of interest exceeding the greater of 12 percent,
 
 
Enrolled House Bill 2498 (HB 2498-B)                       Page 1
 
 
 
or five percent in excess of the discount rate, including any
surcharge on the discount rate, on 90-day commercial paper in
effect at the Federal Reserve Bank in the Federal Reserve
district where the person making the loan is located, on the date
the loan or the initial advance of funds under the loan is made;
or
  (b) Make a loan of $50,000 or less, except a loan made under
paragraph (a) of this subsection, at an annual rate of interest
exceeding the greater of 12 percent, or five percent in excess of
the discount rate on 90-day commercial paper in effect at the
Federal Reserve Bank in the Federal Reserve district where the
person making the loan is located, on the date the loan or the
initial advance of funds under the loan is made.
  (4) Any person who violates subsection (3) of this section
shall forfeit the right to collect or receive any interest upon
any loan for which a greater rate of interest or consideration
than is permitted by subsection (3) of this section has been
charged, contracted for or received. The borrower upon such loan
shall be required to repay only the principal amount borrowed.
  SECTION 2.  { + The amendments to ORS 82.010 by section 1 of
this 2003 Act apply to judgments entered on or after the
effective date of this 2003 Act. + }
                         ----------
 
 
Passed by House May 27, 2003
 
Repassed by House August 27, 2003
 
 
      ...........................................................
                                             Chief Clerk of House
 
      ...........................................................
                                                 Speaker of House
 
Passed by Senate August 26, 2003
 
 
      ...........................................................
                                              President of Senate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Enrolled House Bill 2498 (HB 2498-B)                       Page 2
 
 
 
 
 
Received by Governor:
 
......M.,............., 2003
 
Approved:
 
......M.,............., 2003
 
 
      ...........................................................
                                                         Governor
 
Filed in Office of Secretary of State:
 
......M.,............., 2003
 
 
      ...........................................................
                                               Secretary of State
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Enrolled House Bill 2498 (HB 2498-B)                       Page 3