Labelled as an amendment to the civil practice law and rules regarding the interest rate applicable to money judgments arising from consumer debt (emphasis supplied), a new law was signed by the Governor on Dec. 31, 2021 and becomes effective April 30, 2022. It amends CPLR §5004 (rate of interest) which had recited, and which remains:

Interest shall be at the rate of nine per centum per annum, except where otherwise provided by statute.

In addition to amending §3215(f) and (l), CPLR §3218(1)(a), CPLR §5231(a), (d), (j) and (k) and CPLR §5222 (a) and (c)—none of which relate to mortgage foreclosures—the new legislation adds a subsection (a):

; provided the annual rate of interest to be paid in an action arising out of a consumer debt where a natural person is a defendant shall be two per centum per annum…