P.R. Laws tit. 4, § 701
(a) The Fund shall enter into written agreements with the Office of the Commissioner of Financial Institutions (OCFI), the Puerto Rico Public Corporation for the Supervision and Insurance of Cooperatives (COSSEC), and depository institutions to evaluate and determine which institutions may offer IOLTA accounts and issue a certification for such purposes. The Fund shall identify IOLTA accounts in every qualified depository institution in order to directly receive IOLTA funds earned in IOLTA accounts.
(b) Depository institutions under the jurisdiction of OCFI and/or COSSEC shall pay IOLTA accounts an interest rate equal to or higher than the highest non promotional rate paid to business accounts of regular customers.
(c) Service charges that may be collected by depository institutions shall be limited to reasonable charges relating to the costs of operating IOLTA accounts in the customary way, such as per check fees, transaction costs, and maintenance fees. Fees, including but not limited to, insufficient funds and overdraft fees shall not be considered reasonable charges.
(d) Duties of the participating depository institutions regulated by OCFI and/or COSSEC:
(1) After identifying IOLTA accounts as designated and described in this chapter, certified depository institutions shall:
(A) Deduct service charges from the total interest earned on IOLTA accounts, provided, that service charges shall be equal to or less than the lowest charge offered to business accounts of regular customers; and then
(B) Remit any remaining interest to the Access to Justice Fund.
(2) This process shall be followed at least four (4) time every year, as prescribed by the regulations of OCFI, COSSEC, and the Fund’s Administrative Board.
History —Dec. 26, 2013, No. 165, § 8.