MS HB125

Requires Attorney General to obtain written approval from the Outside Counsel Oversight Commission before filing suit or employing outside counsel for claims exceeding $250,000 (inclusive of attorney's fees, interest, and costs).

Creates Outside Counsel Oversight Commission composed of the Governor, Lieutenant Governor, and Secretary of State, with decisions made by majority vote.

Establishes contingency fee limits for outside counsel contracts, ranging from 25% on recoveries up to $10 million down to 5% on amounts exceeding $25 million, with an aggregate cap of $50 million.

Requires state entities to post executed contingency fee contracts and payment information on the Attorney General's website within 5 business days (or within 5 days of lawsuit filing if confidentiality is approved), with payment records remaining posted for at least one year.

Takes effect July 1, 2014.