MS HB738

Requires Attorney General to obtain prior 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).

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

Sets tiered contingency fee limits for outside counsel: 25% on first $10 million in recovery, declining to 5% on amounts exceeding $25 million, with aggregate cap of $50 million and prohibition on basing fees on civil penalties or fines.

Requires contingency fee contracts and written determinations be posted on the Attorney General's website within five business days of execution (or upon filing if approval withheld), and contingency fee payments posted within 15 days.

Requires outside attorneys to maintain detailed financial and time records (in increments of no greater than 1/10 hour) for at least four years after contract expiration, and provide records to Attorney General upon request.