Can anyone be a Paymaster? Is there a licensing requirement?
In the United States, there is no licensing requirement for being a Paymaster. However, most parties prefer to use a licensed attorney since attorneys in the U.S. are required to hold any funds that do not belong directly to them in a “Attorney’s Trust Account” (also known as an IOLTA account, or in the state of Colorado, a COLTAF account). There are added safety and security measures on a COLTAF account versus a regular business account. In addition, John Glenn P.C. is registered as a Money Services Business with FinCen (the United States Treasury Department). This is not a requirement in the United States, but is an additional measure that our firm has taken to ensure the security and proper disbursement of your funds.
