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2021 SPECIAL SESSION I
(HB1853)AMENDMENT(S) PROPOSED BY THE SENATE
SEN. STUART
2. After line 28, engrossed
insert
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.