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S. 258
STATUS INFORMATION
General Bill
Sponsors: Senator Reese
Document Path: l:\council\bills\gjk\20047sd07.doc
Introduced in the Senate on January 9, 2007
Currently residing in the Senate Committee on Labor, Commerce and Industry
Summary: Pro bono activities
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 1/9/2007 Senate Introduced and read first time SJ-143 1/9/2007 Senate Referred to Committee on Labor, Commerce and Industry SJ-143
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 40-5-35 SO AS TO PROVIDE THAT ONE-HALF OF THE INTEREST ON FUNDS OF A CLIENT ON DEPOSIT IN A TRUST OR ESCROW ACCOUNT OF AN ATTORNEY LICENSED TO PRACTICE LAW IN THIS STATE MUST BE RETURNED TO THE CLIENT AND ONE-HALF MAY BE REMITTED TO THE SOUTH CAROLINA BAR PURSUANT TO THE RULE OF THE SUPREME COURT FOR USE IN PRO BONO BAR ACTIVITIES, TO PROVIDE THAT NOTHING IN THIS SECTION REQUIRES THE PLACING OF CLIENT FUNDS IN AN INTEREST-BEARING TRUST OR ESCROW ACCOUNT, AND TO PROVIDE THAT IF THE CLIENT AND ATTORNEY AGREE, ALL INTEREST ACCRUING FROM SUCH AN ACCOUNT SHALL BELONG TO THE CLIENT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 5, Title 40 of the 1976 Code is amended by adding:
"Section 40-5-35. (A) One-half of the interest on funds of a client on deposit in a trust or escrow account of an attorney licensed to practice law in this State must be returned to the client and one-half may be remitted to the South Carolina Bar pursuant to the rule of the Supreme Court for use in pro bono bar activities.
(B) Nothing in this section requires the placing of client funds in an interest-bearing trust or escrow account. If the client and attorney agree, all interest accruing from such an account shall belong to the client."
SECTION 2. This act takes effect upon approval by the Governor.
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