Iolta Committee
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The Massachusetts IOLTA Committee oversees the Interest on Lawyers Trust Accounts (IOLTA) program, ensuring that lawyers and law firms establish interest-bearing accounts for client deposits. The pooled interest from these accounts supports improvements in the administration of justice and provides legal services to low-income clients, particularly when held at Leadership Institutions that generate higher revenue for these initiatives.
Certified financial institutions must comply with guidelines set by the IOLTA Committee, which mandates that all Massachusetts attorneys deposit their IOLTA funds only in approved banks. New regulations coming into effect in September 2024 will require lawyers to transfer unidentified and unclaimed IOLTA funds to the Committee, highlighting the evolving landscape of legal financial management in the state.
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