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What is IOLTA/IOTA?

April 26, 2017IOLTA Iota

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What is IOLTA/IOTA?

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IOLTA and IOTA are acronyms for “Interest on Lawyers’ Trust Accounts” and “Interest on Trust Accounts” respectively. The IOLTA program was established by the Ohio General Assembly in 1985, followed by IOTA in 1995. The interest earned on these accounts generates revenue for the state’s legal aid fund. IOTA and IOLTA provisions are fully set out in Ohio Revised Code 3953.231 and 4705.09 and 4705.10.