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Current through October 23, 2012
(a) The rate of interest in the District upon the loan or forbearance of money, goods, or things in action in the absence of expressed contract, is 6% per annum.
(b) Interest, when authorized by law, on judgments or decrees against the District of Columbia, or its officers, or its employees acting within the scope of their employment, is at the rate of not exceeding 4% per annum.
(c) The rate of interest on judgments and decrees, where the judgment or decree is not against the District of Columbia, or its officers, or its employees acting within the scope of their employment or where the rate of interest is not fixed by contract, shall be 70% of the rate of interest set by the Secretary of the Treasury pursuant to section 6621 of the Internal Revenue Code of 1986, approved October 22, 1986 (100 Stat. 2744; 26 U.S.C. § 6621), for underpayments of tax to the Internal Revenue Service, rounded to the nearest full percent, or if exactly 1/2 of 1%, increased to the next highest full percent; provided, that a court of competent jurisdiction may lower the rate of interest under this subsection for good cause shown or upon a showing that the judgment debtor in good faith is unable to pay the judgment. In the case of the judgments entered prior to the effective date of the Consumer Credit Interest Rate Amendment Act of 1981, that are not satisfied until after the effective date of the Consumer Credit Interest Rate Amendment Act of 1981, the rate of interest thereon shall be the rate of interest prescribed in this subsection from the effective date of the Consumer Credit Interest Rate Amendment Act of 1981, until the date of satisfaction.
(Aug. 30, 1964, 78 Stat. 765, Pub. L. 88-509, § 1; Mar. 10, 1982, D.C. Law 4-70, § 2, 28 DCR 5236; June 4, 1982, D.C. Law 4-112, § 9, 29 DCR 1687; Dec. 16, 1987, D.C. Law 7-61, § 2, 34 DCR 7089; Mar. 9, 1988, D.C. Law 7-82, § 2, 34 DCR 8117.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 28-3302.
1973 Ed., § 28-3302.
Legislative History of Laws
Law 4-70, the "Consumer Credit Interest Rate Amendment Act of 1981," was introduced in Council and assigned Bill No. 4-138, which was referred to the Committee on Finance and Revenue. The Bill was adopted on first and second readings on October 27, 1981, and November 10, 1981, respectively. Signed by the Mayor on December 2, 1981, it was assigned Act No. 4-117 and transmitted to both Houses of Congress for its review.
Law 4-112, the "Nonprofit Housing Developments' Water and Sanitary Sewer Service Rate Charges Reduction and the Consumer Credit Interest Rate Amendments Clarification Act of 1982," was introduced in Council and assigned Bill No. 4- 193, which was referred to the Committee on Finance and Revenue. The Bill was adopted on first and second readings on March 9, 1982, and March 23, 1982, respectively. Signed by the Mayor on April 12, 1982, it was assigned Act No. 4-175 and transmitted to both Houses of Congress for its review.
Law 7-61, the "Rate of Interest on Judgments and Decrees Temporary Act of 1987," was introduced in Council and assigned Bill No. 7-313. The Bill was adopted on first and second readings on September 29, 1987, and October 13, 1987, respectively. Signed by the Mayor on October 26, 1987, it was assigned Act No. 7-94 and transmitted to both Houses of Congress for its review.
Law 7-82, the "Rate of Interest on Judgments and Decrees Act of 1987," was introduced in Council and assigned Bill No. 7-269, which was referred to the Committee on the Judiciary. The Bill was adopted on first and second readings on November 10, 1987, and November 24, 1987, respectively. Signed by the Mayor on December 10, 1987, it was assigned Act No. 7-117 and transmitted to both Houses of Congress for its review.
References in Text
The "Consumer Credit Interest Rate Amendment Act of 1981", referred to throughout subsection (c), is D.C. Law 4-70.
