[United States Statutes at Large, Volume 124, 111th Congress, 2nd Session]
[From the U.S. Government Publishing Office, www.gpo.gov]


Public Law 111-343
111th Congress

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

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