summary
Introduced
02/20/2023
02/20/2023
In Committee
02/21/2023
02/21/2023
Crossed Over
Passed
Dead
05/02/2023
05/02/2023
Introduced Session
2023 Regular Session
Bill Summary
Revise laws relating to IOLTA accounts
AI Summary
This bill revises laws relating to IOLTA (Interest on Lawyer Trust Accounts) accounts. It defines "interest on lawyer trust accounts" as the interest earned on lawyer trust accounts in the IOLTA program described in the Montana Rules of Professional Conduct. The bill requires that any interest earned on funds held in IOLTA accounts by attorneys or law firms must be remitted to the client on an annual basis or at the termination of the representation, whichever is sooner, as the interest is considered the property of the client. The bill also provides instructions for codifying these new sections into the existing Montana legal code.
Committee Categories
Justice
Sponsors (1)
Last Action
(S) Missed Deadline for General Bill Transmittal (on 03/13/2023)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://laws.leg.mt.gov/legprd/LAW0210W$BSIV.ActionQuery?P_BILL_NO1=440&P_BLTP_BILL_TYP_CD=SB&Z_ACTION=Find&P_SESS=20231 |
| BillText | https://leg.mt.gov/bills/2023/SB0499/SB0440_1.pdf |
Loading...