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1995 SESSION

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HB 1970 Interest on client accounts.

Introduced by: Glenn R. Croshaw | all patrons    ...    notes | add to my profiles

SUMMARY:

Interest on client accounts. Voids the current Supreme Court rule on IOLTA (interest on lawyers' trust accounts). The bill prohibits the court from requiring attorneys to place client funds in interest-bearing accounts in which the interest is paid otherwise than to the client. The bill further provides that if interest is paid on lawyers' client accounts which are voluntarily pooled, such interest is to be paid at least quarterly to the Legal Services Corporation of Virginia.

FULL TEXT

• 01/20/95  House: Presented & ordered printed LD8573180  pdf
• 01/31/95  House: Committee substitute printed LD1580180-H1  pdf
• 02/13/95  House: Bill text as passed House and Senate (HB1970ER)  pdf
• 03/10/95  Governor: Acts of Assembly Chapter text (CHAP0093)  pdf

HISTORY

• 01/20/95  House: Presented & ordered printed LD8573180
• 01/20/95  House: Referred to Committee on Corporations, Insurance and Banking
• 01/31/95  House: Reported from C. I. B. w/sub. (22-Y 0-N)
• 01/31/95  House: Committee substitute printed LD1580180-H1
• 02/01/95  House: Read first time
• 02/02/95  House: Read second time
• 02/02/95  House: Committee substitute agreed to LD1580180-H1
• 02/02/95  House: Engrossed by House - com. sub. LD1580180-H1
• 02/03/95  House: Read third time and passed House (Block Vote) (100-Y 0-N)
• 02/03/95  House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
• 02/03/95  House: Communicated to Senate
• 02/06/95  Senate: Read first time
• 02/06/95  Senate: Referred to Committee for Courts of Justice
• 02/08/95  Senate: Reported from Courts of Justice (14-Y 0-N)
• 02/09/95  Senate: Constitutional reading dispensed (39-Y 0-N)
• 02/09/95  Senate: VOTE: CONST. READING DISPENSED (39-Y 0-N)
• 02/10/95  Senate: Read third time
• 02/10/95  Senate: Passed Senate (40-Y 0-N)
• 02/10/95  Senate: VOTE: PASSAGE (40-Y 0-N)
• 02/13/95  House: Bill text as passed House and Senate (HB1970ER)
• 02/20/95  House: Enrolled
• 02/20/95  House: Signed by Speaker
• 02/21/95  Senate: Signed by President
• 03/07/95  Governor: Approved by Governor-Chapter 93 (effective 7/1/95)
• 03/10/95  Governor: Acts of Assembly Chapter text (CHAP0093)