P.R. Laws tit. 4, § 695
(a) Fund.— Means the Puerto Rico Access to Justice Fund.
(b) Qualified deposits.— Means monetary resources held by a lawyer or law firm that belong to a client, prospective client, or third party, received in connection with an attorney-client fiduciary relationship, and from which the client does not expect to generate net earnings. It includes, but is not limited to, an advance payment retainer, funds held in connection with a settlement, assets of the clients administered by the lawyer (such as the administration of the client’s estate), funds held by the lawyer pending completion of a business or transaction or security retainer for prospective services. Said funds are usually held by lawyers or law firms for a short term and are deposited in non-interest bearing escrow accounts that do not represent, by themselves, an opportunity to generate additional profits for the lawyer or the client. In general, a lawyer’s relation with these funds is subject to the Canons of the Puerto Rico Canon of Professional Ethics, specifically Canon 23.
Funds received by a lawyer while acting as a trustee, guardian, conservator or receiver in a bankruptcy proceeding as well as attorney fees for legal services rendered are not included.
(c) Depository institution.— Any commercial bank, savings and credit unions, or similar institution duly authorized to receive deposits by consumers and to operate in Puerto Rico in accordance with the laws of the Government of the United States and/or the Commonwealth of Puerto Rico.
(d) Lawyer.— Means a law professional duly admitted to the bar in accordance with the requirements established by the Supreme Court of Puerto Rico.
(e) Law firm.— Any office, group, professional services corporation (P.S.C.), limited liability company (L.L.C.), or any juridical person engaged in the professional practice of Law, constituted by lawyers admitted to the bar.
(f) Client.— Means the owner of qualified deposits that have been entrusted to a lawyer or law firm in connection with attorney-client fiduciary relationship.
(g) Low-income client.— Any person who qualifies to receive legal aid in cases involving civil matters, Juvenile Court, and Drug Courts, in accordance with the socioeconomic parameters established by the Legal Services Corporation and used by Access to Justice Entities and other nonprofit organizations that provide free legal aid, which are the poverty guidelines established annually by the United States Department of Health and Human Services (HHS).
(h) IOLTA.— Means Interest on Lawyers Trust Accounts.
(i) Legal Services Corporation.— A nonprofit private entity created by an Act of Congress, Public Law 93-355 of July 25, 1974, as amended, (42.U.S.C. 2996 et seq.).
(j) IOLTA Funds.— Means the funds generated by the interest earned in IOLTA accounts wherein lawyers and/or law firms make qualified deposits received in connection with a fiduciary relationship, when deposited in a bank, cooperative, or similar institution, within a specific period of time. The client shall be the owner of the qualified deposits; however, any interest earned in an IOLTA account shall be deemed to be IOLTA funds.
(k) Access to Justice Fund Administrative Board (or Administrative Board).— Means the entity that shall regulate the distribution of the monies in the Fund to Access to Justice Entities according to their needs. The Administrative Board shall also be responsible for overseeing that the monies disbursed by the Fund are used for the purposes established, in accordance with this chapter, and ensure the attainment of the objectives set forth therein.
(l) Access to justice entity.— Any nonprofit entity that provides free legal aid to low-income clients which has been qualified by the Administrative Board to receive resources from the Fund.
(m) COSSEC.— Refers to the Puerto Rico Public Corporation for the Supervision and Insurance of Cooperatives.
(n) OCFI.— Refers to the Office of the Commissioner of Financial Institutions.
These definitions shall be interpreted equally, whether in singular or plural or when refer to any gender masculine or feminine.
History —Dec. 26, 2013, No. 165, § 2.