What are the steps that a bank needs to take to participate in the IOLTA program?
A. A bank must be approved to hold client trust funds by the Attorney Grievance Commission in order to participate in the IOLTA program. If your financial institution has not yet been approved to hold escrow funds, you must submit a completed “Financial Institution Compliance Agreement,” along with the “IOLTA Addendum.” The IOLTA Addendum serves to inform us as to how your financial institution will implement the interest rate provisions of the Rule. It will be carefully reviewed by MLSC along with any additional supporting documentation that may be required, depending on the implementation method you choose. Once MLSC has certified your financial institution’s compliance with IOLTA, it will submit your application to the Maryland Attorney Grievance Commission for approval. Please mail all forms to MLSC at Charles Towers, 15 Charles Plaza, Suite 102, Baltimore, Maryland 21201-3994. Once you are approved, a fully-executed copy of the Financial Institution Compliance Agreement will be ma
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