DC Adopted New IOLTA Rules Effective August 1, 2010.
DC adopted changes to its IOLTA rules, effective August 2010, requiring DC lawyers to hold all IOLTA-eligible funds in IOLTA accounts at banks that meet new rate comparability requirements. The District’s IOLTA rules no longer provide an ‘opt-out’ option for attorneys or firms. Instead, all DC lawyers holding eligible IOLTA funds need to place those funds in an IOLTA account, unless a court has ordered otherwise. Read the Rules for specific information. In addition, DC IOLTA accounts can only be established at banks that have been approved as meeting standards under the rule, including an agreement to provide comparable rates of return on IOLTA accounts. If a financial institution is not on the list of approved banks, it cannot hold DC IOLTA funds.
Read the DC IOLTA Rules for more information.