AMENDMENT(S) PROPOSED BY THE SENATE

SEN. STUART

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3. That any rule promulgated by the Supreme Court of Virginia requiring that an attorney or law firm deposit client funds in interest-bearing accounts, pooled or otherwise, on which the interest is required to be paid to any person or entity other than the client shall not require the attorney or law firm to account for or be liable or subject to disciplinary action for any errors in the interest payments required to be made to any person or entity other than the client.

SEN. STUART

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3. That any rule promulgated by the Supreme Court of Virginia requiring attorney participation in the Interest on Lawyers Trust Accounts (IOLTA) program clearly state that an attorney or law firm has no responsibility to remit interest earned to the IOLTA program. All interest earned on IOLTA accounts shall be remitted directly to the IOLTA program by the banks holding such accounts. Any attorney or law firm participating in the IOLTA program shall bear no ethical or accounting responsibility for remittance of IOLTA interest to the IOLTA program and shall not be subject to any disciplinary action for same.