Testimony of Judge Barbara M. Quinn
Public Hearing - March 23, 2009
Senate Bill 1160, An Act Concerning the
Interest Earned on Lawyers’ Clients’ Funds Account Program
Branch supports Senate Bill 1160,
An Act Concerning the Interest Earned on Lawyers’ Clients’
Funds Account Program, as it will increase the
interest available to fund legal services organizations.
This proposal, which was submitted to
the Judiciary Committee by the Connecticut Bar Foundation and is based on
national model language, would broaden the language on IOLTA accounts to
cover more funds. It would:
Eliminate language, not followed by any other state,
which limits the requirement to establish IOLTA accounts to funds less
than $10,000.00 or expected to be held for not more than 60 business
Substitute language allowing Connecticut attorneys
to deposit client funds in IOLTA accounts if they determine in good
faith that those funds will not earn net income for the client in excess
of the costs of opening and maintaining the account.
Include a list of mandatory factors that attorneys
must consider in making this good faith determination. The amendment
provides clear guidance to attorneys in Connecticut regarding client
funds which must be placed in IOLTA accounts.
I urge the Committee to act favorably on this proposal.