Current through Register Vol. 54, No. 24, June 15, 2024
Section 81.106 - Income on IOLTA Accounts(a) The rate of interest or dividend paid on IOLTA Accounts shall be not less than the highest rate of interest or dividend generally available from the Eligible Institution to non-IOLTA customers when the IOLTA Account meets the same minimum balance or other account eligibility qualifications.(b) An Eligible Institution shall be deemed to have satisfied the requirements of subsection (a) of this regulation only if the Eligible Institution is in compliance with the Comparability Guidance published by the IOLTA Board from time to time.(c) Each Eligible Institution shall submit to the IOLTA Board for review and approval a Compliance Certification Form, which identifies the rate of interest or dividend to be paid on IOLTA Accounts and certifies the Eligible Institution's compliance with the IOLTA Regulations and Comparability Guidance. Prior to changing a rate of interest or dividend that was previously approved by the IOLTA Board, or when the rate of interest or dividend for comparable products exceeds the rate listed in the Eligible Institution's most recently approved Compliance Certification Form, the Eligible Institution shall submit a new Compliance Certification Form to the IOLTA Board for review and approval.(d) Remittance of income: All income earned under the IOLTA program must be remitted to the IOLTA Board at least every quarter. Eligible Institutions shall honor requests by the IOLTA Board to recover income that was not remitted to the IOLTA Board, in accordance with the Eligible Institution's most recently approved Compliance Certification Form, during the twelve months preceding the IOLTA Board's request.The provisions of this § 81.106 adopted November 21, 2005, effective immediately, 35 Pa.B. 6640; amended June 22, 2009, effective immediately, 39 Pa.B. 3431; amended August 7, 2017, effective immediately, 47 Pa.B. 4802.