204 Pa. Code § 81.308

Current through Register Vol. 54, No.43, October 26, 2024
Section 81.308 - Refunds
(a) The IOLTA Board may return income paid to the IOLTA Board under certain circumstances. For example, if a Judicial Official mistakenly places Custodial Funds which are not Qualified Funds in an MJ-IOTA Account, then the Judicial Official may apply to the IOLTA Board for a refund of the income paid to the IOLTA Board.
(b) At the time of the issuance of these Regulations, all Custodial Funds handled by Magisterial District Judges are anticipated to be Qualified Funds. Magisterial District Judges occasionally may determine that certain Custodial Funds maintained in their Custodial Account do not meet this presumption, and are not Qualified Funds. Upon application of the Magisterial District Judge, the IOLTA Board may return income paid to it applicable to the funds which were not Qualified Funds.
(c) The following guidelines apply to requests for a refund of income:
(1) Requests by a Judicial Official must be made on the Judicial Official's official letterhead, and all requests must set forth in reasonable detail the basis for the requested refund.
(2) Requests must be accompanied by verification of the income paid with respect to the funds mistakenly placed in the MJ-IOTA Account. Verification must be made by the Depository Institution in which the MJ-IOTA Account is maintained. As needed for auditing purposes, the IOLTA Board may request additional documentation.
(3) The IOLTA Board will only consider requests where the income to be refunded was received by the IOLTA Board during the twelve-month period prior to the IOLTA Board receiving the written request for a refund.
(4) Refunds will be remitted through the Depository Institution that transmitted the income to the IOLTA Board unless an alternative method is requested and agreed to by the IOLTA Board.
(5) If the Depository Institution has imposed a service charge with respect to the MJ-IOTA Account, only the net amount of income paid to the IOLTA Board (i.e., the income reduced by applicable service charges) will be refunded.
(6) The IOLTA Board may impose and deduct a processing charge from the refund.

204 Pa. Code § 81.308

The provisions of this §81.308 adopted January 6, 2005, effective 2/1/2005, 35 Pa.B. 497; amended August 7, 2017, effective immediately, 47 Pa.B. 4802.