New state money judgment interest rate announced

The Michigan Department of Treasury announced a money judgment interest rate for the second half of 2024, effective July 1.

Pursuant to Subsection 6 of Section 6013, and Subsection 2 of Section 6455 of Public Act No. 236 of 1961, as amended, (M.C.L. Sections 600.6013 and 600.6455), the State Treasurer certified that 4.392% was the average interest rate paid at auctions of five-year U.S. treasury notes during the six months immediately preceding Jan 1.

Historically, an extra percent is added to the announced rate for legal judgments i.e., verdicts so the July 1, 2024, rate for attorneys, judges and the likes will be 5.359%. The next money judgment interest rate will be announced Jan. 1, 2025.

The rate for the first half of 2024 was 5.392%. Find previous state-court money judgment interest rates (since Jan. 1, 1987) here .

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