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What obligations do financial institutions have regarding IOLTA?

April 26, 2017financial institutions IOLTA obligations

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What obligations do financial institutions have regarding IOLTA?

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Once an IOLTA account has been opened, the financial institution is responsible for transmitting interest income to the IOLTA Committee at least quarterly, along with a statement showing the name of the lawyers or law firm that deposited the funds. Additionally, a report outlining the amount paid to the IOLTA Committee, the rate of interest applied and the method by which it was computed will be transmitted to the lawyer or law firm, and to the IOLTA Committee.