Robert M. Hertzberg
- Democratic
Author
Existing law, the State Bar Act, provides for the licensure and regulation of attorneys by the State Bar of California, a public corporation. Existing law requires an attorney or law firm that receives or disburses trust funds to establish an interest-bearing demand trust account and to deposit in the account all client deposits that are nominal in amount or are on deposit for a short period of time. Existing law creates the Public Interest Attorney Loan Repayment Program, which is administered by the Student Aid Commission, to provide loan repayment assistance for licensed attorneys who practice or agree to practice in public interest areas of the law in California. Existing law provides for the escheat of property to the state. Existing law requires all property that escheats to the state to be deposited into the Abandoned Property Account in the Unclaimed Property Fund, which is continuously appropriated for specified purposes. Existing law establishes procedures for submitting a claim for property that has escheated. This bill would require funds in Interest on Lawyers' Trust Accounts (IOLTA) that escheat to the state to be deposited into the Abandoned IOLTA Property Account, which would be established within the Unclaimed Property Fund. The bill would establish the IOLTA Claims Reserve Subaccount within the account and would require that 25% of IOLTA escheated funds be deposited into the subaccount to be used by the Controller, upon appropriation by the Legislature, for the purposes of paying refunds, claims, and costs associated with escheated IOLTA funds. The bill would require the balance of the escheated IOLTA funds to be transferred annually into the Public Interest Attorney Loan Repayment Account to be established by this bill within the State Treasury for the purposes of providing, upon appropriation by the Legislature, additional funding to the Student Aid Commission for the administration of, and provision of loan assistance pursuant to, the Public Interest Attorney Loan Repayment Program.
Chaptered by Secretary of State. Chapter 488, Statutes of 2015.
Approved by the Governor.
Enrolled and presented to the Governor at 10:45 p.m.
Assembly amendments concurred in. (Ayes 39. Noes 0. Page 2661.) Ordered to engrossing and enrolling.
Read third time. Passed. (Ayes 65. Noes 13. Page 2950.) Ordered to the Senate.
In Senate. Concurrence in Assembly amendments pending.
Ordered to third reading.
Read third time and amended.
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 17. Noes 0.) (August 26).
From committee with author's amendments. Read second time and amended. Re-referred to Com. on APPR.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 9. Noes 1.) (July 7). Re-referred to Com. on APPR.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on JUD.
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 37. Noes 0. Page 1293.) Ordered to the Assembly.
Read second time and amended. Ordered to third reading.
From committee: Do pass as amended. (Ayes 7. Noes 0. Page 1147.) (May 28).
Set for hearing May 28.
May 26 hearing: Placed on APPR. suspense file.
Joint Rule 62(a) suspended.
Set for hearing May 26.
Re-referred to Com. on APPR. pursuant to Joint Rule 10.5.
Read second time and amended. Ordered to third reading.
From committee: Do pass as amended. (Ayes 7. Noes 0. Page 921.) (May 5).
Set for hearing May 5.
From printer. May be acted upon on or after February 22.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB134 | HTML |
| 01/22/15 - Introduced | |
| 05/13/15 - Amended Senate | |
| 06/02/15 - Amended Senate | |
| 06/24/15 - Amended Assembly | |
| 08/19/15 - Amended Assembly | |
| 09/03/15 - Amended Assembly | |
| 09/10/15 - Enrolled | |
| 10/04/15 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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