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I am a new admittee to the Maryland bar and have no IOLTA accounts. Do I have to set up account (s) immediately to be in compliance?

April 26, 2017account accounts admittee bar immediately IOLTA Maryland

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I am a new admittee to the Maryland bar and have no IOLTA accounts. Do I have to set up account (s) immediately to be in compliance?

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A. You do not have to open an IOLTA account to be in compliance with IOLTA. If you have no client accounts yet, check Box #6 under the “Compliance Determination” section. Please note that an IOLTA account must be established if you are holding short-term or nominal trust funds of at least $3,500 on a regular basis. If this is not the case, you are eligible for a waiver, and you should open a non-interest bearing escrow account. You may request a waiver by checking Box #4 under the “Compliance Determination” section. For more information about establishing IOLTA accounts, see Questions 22 and 23 below.