Effective January 1, 2018, Michigan’s money judgment interest rate will be 2.984 percent. (A higher rate may apply if the suit is based on an agreement specifying an interest rate.) Judgment interest accrues from the date a Complaint is filed to begin a lawsuit until the Judgment has been paid.
This new interest rate attaching to money judgments will include both Michigan’s statutory 1 percent and an additional 1.984 percent calculated and certified by the state treasurer. The latter percentage is calculated by averaging the interest rates paid at United States treasury note auctions within the past five years. These rates are modified in January and July, which means a new rate will be provided for July 1, 2018.
This article was written by Nezar Habhab, Law Clerk.
