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2021 SPECIAL SESSION I
HB 1853 Lawyers; client accounts.
Introduced by: Richard C. "Rip" Sullivan, Jr. | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Lawyers; client accounts. Repeals the provision prohibiting the Supreme Court of Virginia from adopting a disciplinary rule requiring that lawyers deposit client funds in an interest-bearing account. The bill provides 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.
SUMMARY AS INTRODUCED:
Lawyers; client accounts. Repeals the provision prohibiting the Supreme Court of Virginia from adopting a disciplinary rule requiring that lawyers deposit client funds in an interest-bearing account.