[111th Congress Public Law 343]
[From the U.S. Government Publishing Office]



[[Page 124 STAT. 3609]]

Public Law 111-343
111th Congress

                                 An Act


 
  To require the Federal Deposit Insurance Corporation to fully insure 
   Interest on Lawyers Trust Accounts. <<NOTE: Dec. 29, 2010 -  [H.R. 
                                6398]>> 

    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 <<NOTE: 12 
USC 1821.>>  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) <<NOTE: 12 USC 1821 note.>>  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

[[Page 124 STAT. 3610]]

Congressional Record by the Chairman of the House Budget Committee, 
provided that such statement has been submitted prior to the vote on 
passage.

    Approved December 29, 2010.

LEGISLATIVE HISTORY--H.R. 6398:
---------------------------------------------------------------------------

CONGRESSIONAL RECORD, Vol. 156 (2010):
            Nov. 30, considered and passed House.
            Dec. 22, considered and passed Senate.

                                  <all>