[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6398 Engrossed in House (EH)]

111th CONGRESS
  2d Session
                                H. R. 6398

_______________________________________________________________________

                                 AN ACT


 
 To require the Federal Deposit Insurance Corporation to fully insure 
                  Interest on Lawyers Trust Accounts.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. INTEREST ON LAWYERS TRUST ACCOUNTS.

    (a) In General.--Section 11(a)(1)(B)(iii) of the Federal Deposit 
Insurance Act, as added by section 343 of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (Public Law 111-203), is amended--
            (1) by redesignating subclauses (I), (II), and (III) as 
        items (aa), (bb), and (cc), respectively, and adjusting the 
        margins accordingly;
            (2) by striking ``means a deposit'' and inserting the 
        following:
                        ``means--
                                    ``(I) a deposit'';
            (3) in item (cc), as so redesignated, by striking the 
        period at the end and inserting ``; and''; and
            (4) by adding at the end the following:
                                    ``(II) a trust account established 
                                by an attorney or law firm on behalf of 
                                a client, commonly known as an 
                                `Interest on Lawyers Trust Account', or 
                                a functionally equivalent account, as 
                                determined by the Corporation.''.
    (b) Effective Date.--The amendments made by subsection (a) shall 
take effect on December 31, 2010.

SEC. 2. DETERMINATION OF BUDGETARY EFFECTS.

    The budgetary effects of this Act, for the purpose of complying 
with the Statutory Pay-As-You-Go Act of 2010, shall be determined by 
reference to the latest statement titled ``Budgetary Effects of PAYGO 
Legislation'' for this Act, submitted for printing in the Congressional 
Record by the Chairman of the House Budget Committee, provided that 
such statement has been submitted prior to the vote on passage.

            Passed the House of Representatives November 30, 2010.

            Attest:

                                                                 Clerk.
111th CONGRESS

  2d Session

                               H. R. 6398

_______________________________________________________________________

                                 AN ACT

 To require the Federal Deposit Insurance Corporation to fully insure 
                  Interest on Lawyers Trust Accounts.