Rhode Island House Bill H7033

Rhode Island 2026 Regular Session

• Introduced: 1/9/26
• Refer: 1/9/26

Caption

Amends calculations of interest in civil actions a rate determined by average accepted auction price for last auction of 52 week U.S. treasury bills.

Impact

The alterations posited by H7033 will have notable implications for civil litigation in Rhode Island. By tying interest calculations to financial instruments such as Treasury bills, the bill aims to standardize and possibly rationalize how interest is accrued on damages. This can lead to more predictable outcomes for parties involved in civil litigation, influencing future cases by establishing a clearly defined method of calculating interest and potentially affecting monetary settlements awarded in civil trials.

Summary

House Bill H7033 proposes an amendment to the Rhode Island General Laws concerning the interest calculations on judgments in civil actions. Specifically, the bill seeks to change how interest is computed on monetary damages awarded in civil cases, establishing that the interest will be calculated based on the yield of United States Treasury bills from the last auction preceding the filing of the action. With this update, the court clerk will add interest at a set annual rate of twelve percent to the awarded damages from the date the cause of action accrued until judgment is rendered.

Contention

While the bill presents a structured approach to interest calculations, it is expected to generate discussions regarding its practical implications. Critics may argue that changing the interest calculation method could disproportionately affect plaintiffs in personal injury cases, as certain financial instruments might yield lower returns compared to the previous static rate. Furthermore, stakeholders may call for a closer examination of potential effects on access to justice—specifically in how these changes may influence the willingness of claimants to pursue legal action if interest rates are seen as unfavorable.