REPORT OF CONFERENCE COMMITTEE

 

MR. SPEAKER AND MADAM PRESIDENT:

 

   We, the undersigned conferees, have had under consideration the amendments to the following entitled BILL:

 

H. B. No. 1536:  Spousal and child support; revise interest rate on obligation.

 

  We, therefore, respectfully submit the following report and recommendation:

 

  1.  That the Senate recede from its Amendment No. 1.

 

  2.  That the House and Senate adopt the following amendment:

 

     Amend by striking all after the enacting clause and inserting in lieu thereof the following:

 

     SECTION 1.  Section 75-17-7, Mississippi Code of 1972, is amended as follows:

     75-17-7.  (1)  All judgments or decrees founded on an obligation of support, including, but not limited to, child support, medical support and spousal support, shall bear interest compounded at a rate of eight percent (8%) per annum unless the judgment or decree provides otherwise.

     (2)  All other judgments or decrees shall bear interest at a * * * rate of eight percent (8%) per annum from the date of the judgment or the decree.

     SECTION 2.  Section 75-17-9, Mississippi Code of 1972, is amended as follows:

     75-17-9.  (1)  When a partial payment is made on a debt evidenced by a judgment or decree based upon a support obligation, including, but not limited to, child support, medical support and spousal support, the compounded interest and principal shall be aggregated, and the partial payment shall be applied to the total debt owed.

     (2)  When partial payments are made in other cases, the interest that has accrued to the time of payment, if any, shall be first paid, and the residue of such partial payment shall be placed to the payment of the principal, except that the parties may agree in writing that such partial payment, or any portion thereof, shall be applied first to the payment of principal, in which case the residue shall be applied to the payment of interest that has accrued to the time of payment.

     SECTION 3.  This act shall take effect and be in force from and after July 1, 2004, and shall apply only to judgments or decrees entered on or after that date.

     Further, amend by striking the title in its entirety and inserting in lieu thereof the following:

 

     AN ACT TO AMEND SECTIONS 75-17-7 AND 75-17-9, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT JUDGMENTS OR DECREES IN CHILD OR SPOUSAL SUPPORT CASES AND ALL OTHER JUDGMENTS OR DECREES SHALL BEAR COMPOUNDED INTEREST AT THE RATE OF EIGHT PERCENT; AND FOR RELATED PURPOSES.

 

CONFEREES FOR THE HOUSE           CONFEREES FOR THE SENATE

X (SIGNED)	X (SIGNED)
Edward Blackmon, Jr.	Gray Tollison
X (SIGNED)	X (SIGNED)
Frances Fredericks	Hob Bryan
X (SIGNED)	X (SIGNED)
John R. Reeves	J. P. Wilemon, Jr.

 

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