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PC 41

Para añadir un nuevo inciso (d) al Artículo 21 de la Ley 10-1994, según enmendada, conocida como “Ley para Reglamentar el Negocio de Bienes Raíces y la Profesión de Corredor, Vendedor o Empresa de Bienes Raíces en Puerto Rico”; para enmendar la definición de “Fondos IOLTA” dispuesta en el Articulo 2 (j) de la Ley Núm. 165 de 26 de diciembre de 2013, según enmendada, conocida como “Ley del Fondo para el Acceso a la Justicia de Puerto Rico”; y establecer la facultad de reglamentación del Departamento de Asuntos del Consumidor con el fin de proveer recursos económicos adicionales a la Fundación del Fondo para el Acceso a la Justicia.

2025-2028 Session

Redirects real estate trust account funds to increase legal aid financing through new Department of Consumer Affairs regulations and modified IOLTA definitions.

Referido a Comisión(es)
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WeVote Research Nonpartisan
Bill Summary · PC 41

Legislative bill overview

This bill modifies Puerto Rico's real estate licensing law and redefines "IOLTA Funds" (Interest on Lawyer Trust Accounts) to redirect additional economic resources to the Justice Access Fund Foundation. It grants the Department of Consumer Affairs regulatory authority to implement these changes and generate supplementary funding for legal aid services.

Why is this important

Legal aid access is critical for low-income Puerto Ricans seeking justice. This bill attempts to increase funding for the Justice Access Fund Foundation, which provides legal services to those who cannot afford private attorneys. The mechanism involves capturing interest or fees from real estate trust accounts—a common funding source for legal aid in other jurisdictions.

Potential points of contention

  • Real estate industry impact: Real estate professionals and brokers may oppose if the mechanism reduces their account interest or imposes new compliance/reporting burdens
  • IOLTA redefinition scope: Unclear whether the redefinition affects existing IOLTA accounts, how much additional revenue would be generated, or if it conflicts with current bar association management of these accounts
  • Regulatory discretion: Granting the Department of Consumer Affairs broad rulemaking authority without specific parameters could lead to unpredictable implementation and industry concerns about unilateral regulatory expansion

Compiled from official sources — confirm details with the bill’s official record.

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