Thursday, Jun. 4, 2009
Amendments to the Interest on Lawyers Trust Account Committee Guidelines
Revisions are effective Wednesday, July 1.
Amendments to the IOLTA Committee Guidelines have been made pertaining to the Stabilization Fund. In Section 5(a), the IOLTA Committee proposed clearer language about proper investment of IOLTA funds reserved in a stabilization fund. In Sections 5(d), 5(e) and 4(c), the committee proposed a more complete guideline regarding the amounts of funds that may be reserved by, and how much funds are to be accounted for, by the three charities which receive IOLTA funds. In Sections 5(e), 5(f), 4 (a) and 4 (b), the committee proposed related procedural changes to reflect the proposed new guidelines.