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Home > Rule Changes > three-year extension of the Clients’ Protection Fund sunset provision.

Adopted | three-year extension of the Clients’ Protection Fund sunset provision. Effective July 1, 2018.

Governor Ralph Northam has signed revisions to the Code of Virginia § 54.1-3913.1, Clients’ Protection Fund, extending the sunset provision from July 1, 2020 to July 1, 2023.  The revisions, effective July 1, 2018, were previously unanimously approved in both houses of the General Assembly.

view PDF file of the red-lined version from the General Assembly

 

On October 27, 2017, Council unanimously approved allowing the VSB, in the 2018 legislative session, to seek an extension of the sunset provision of Va. Code Section 54.1-3931 from July 1, 2020, to July 1, 2023. The Supreme Court of Virginia must also authorize the VSB to seek extension of the sunset provision. The proposed statutory changes are as follows:
 
§ 54.1-3913.1. (Effective until July 1, 20203) Clients' Protection Fund.
 
The Clients' Protection Fund is continued as a special fund of the Virginia State Bar. The Fund shall consist of moneys transferred to it from the State Bar Fund and the Virginia State Bar's Administration and Finance Account. Disbursements to the Clients' Protection Fund from the State Bar Fund shall be made only upon approval of the disbursements through the annual budgetary process of the Virginia State Bar. Notwithstanding the provisions of § 54.1-3912, the Supreme Court may adopt rules assessing members of the Virginia State Bar an annual fee of up to $25 to be deposited in the State Bar Fund and transferred to the Clients' Protection Fund.
 
§ 54.1-3913.1. (Effective July 1, 20203) Clients' Protection Fund.
 
The Clients' Protection Fund is continued as a special fund of the Virginia State Bar. The Fund shall consist of moneys transferred to it from the State Bar Fund and the Virginia State Bar's Administration and Finance Account. Disbursements to the Clients' Protection Fund from the State Bar Fund shall be made only upon approval of the disbursements through the annual budgetary process of the Virginia State Bar.
 

 

Posted: October 31, 2017

Updated: June 27, 2018