South Carolina General Assembly
117th Session, 2007-2008

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Indicates Matter Stricken
Indicates New Matter

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
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    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

1/9/2007

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A 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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