(a) For purposes of this section “medical debt” means an obligation of a consumer to pay an amount for the receipt of healthcare services as defined by § 27-81-3, products, or devices, owed to a healthcare facility or a healthcare professional as defined by § 27-81-3. (b) Interest on medical debt shall be limited to the rate of interest equal to the weekly average one-year constant maturity Treasury yield, but not less than one and a half percent per annum (1.5% p.a.) nor more than four percent per annum (4% p.a.) as published by the Board of Governors of the Federal Reserve System, for the calendar week preceding the date when the consumer was first provided with a bill. (c) The rate of interest provided in subsection (b) of this section shall only be applied to new debt incurred after June 26, 2025.
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