News and Notes
IOLTA Rate Comparability Update
Three more states have recently joined the list of jurisdictions that have adopted IOLTA rate comparability. South Carolina and Washington were added in December 2009, and in January 2010, rule revisions were adopted in North Carolina. The revisions became effective immediately in Washington and will become effective in South Carolina on June 15, 2010, and in North Carolina on July 1, 2010.
Between January 2009 and January 2010, seven state supreme courts approved comparability rule revisions, bringing the total to 31 U.S. jurisdictions. This revenue enhancement strategy requires lawyers to place their IOLTA accounts only in a financial institution that pays those accounts the highest interest rate or dividend generally available to other customers of the institution when IOLTA accounts meet the same minimum balance or other qualifications.
Assistance in exploring, drafting, and implementing an IOLTA interest rate comparability requirement is available through the Commission on IOLTA and National Association of IOLTA Programs Joint Technical Assistance Committee. Contact , Commission Counsel, or call 312/988-5771 for more information.