HB2351: Civil litigation; suspension bonds and irrevocable letters of credit upon appeal.

Legislative Summary

Civil litigation; suspension bonds and irrevocable letters of credit upon appeal. Increases the cap currently in place for suspension bonds and irrevocable letters of credit for appellants during the pendency of an appeal of a civil action from $25 million to $200 million. The bill also requires, beginning April 1, 2028, and at each three-year interval ending on April 1 thereafter, this monetary cap to be adjusted to reflect the change in the Consumer Price Index for All Urban Consumers as published by the Bureau of Labor Statistics of the U.S. Department of Labor.