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IOLTA Compliance Information
The annual IOLTA compliance process begins on or after
March 1 of each year and runs concurrent within the time period the State
Bar requires payment of their annual bar dues. All attorneys must annually notify the Foundation as to their IOLTA compliance. Please complete the following steps:
Contact us directly at 800-252-3401.ext. 108 or compliance@teajf.org if you have any questions.
• Closing
an IOLTA account (a closure form is required) • Opening a new IOLTA account (a notice form is required) •
Indicate that you are no longer with the firm listed • Indicate that you are with
a different firm listed
Please follow the instructions below to certify IOLTA compliance.
Attorney Login
–
verify or change your IOLTA
account information
o If No IOLTA NeededAttorneys who are not in private practice or do not handle client funds in Texas do not need an IOLTA in Texas.
Even if you do not handle client funds, you still need to
verify the information under your bar card number is correct. o If IOLTA is Needed
Attorneys in private practice and receive or handle clients’ funds in Texas must
deposit those funds in a separate bank account designated as “trust” or
“escrow” account. See Rule 1.14 of the
Texas Disciplinary Rules of
Professional Conduct. If the client funds received are nominal in amount or
are short-term, they must be deposited in an IOLTA at an eligible financial
institution. Firm Login– (with 7 or more attorneys) -- manage your IOLTA account information (add or delete attorneys)This compliance information applies to Texas IOLTA accounts only. We do not require notification of out-of-state IOLTA accounts.
You will not receive a paper compliance form or email from the Foundation. See more information in the IOLTA Compliance Information Brochure.
Article XI of the State Bar
Rules, along with
The Rules Governing the Operation of the Texas Access to Justice Foundation,
adopted by the Supreme Court of Texas to administer the Interest on Lawyers
Trust Account program require the following:
·
Licensed
attorneys who do not handle client trust funds are not required to establish
an IOLTA bank account; however, they must nevertheless notify the Foundation
during the annual IOLTA compliance process that they do not handle client
trust funds and do not have or need an IOLTA account.
·
Licensed attorneys must report to the
Foundation annually as to their IOLTA bank account status.
·
Licensed attorneys must notify the Foundation
within 30 days of the establishment of IOLTA account or accounts or
any change in their IOLTA account status. · An attorney, law firm, or professional corporation engaged in the practice of law and maintaining IOLTA bank accounts must notify the Foundation within 30 days of the closing of such account(s). · An attorney's refusal to comply may result in their suspension.
During peak times, please allow 7 to 10 business days
for your IOLTA compliance information to be updated.
To make changes to your State Bar of Texas membership record, please visit: www.texasbar.com
All questions regarding IOLTA Compliance should be directed to 800-252-3401, Ext. 108, or by contacting, compliance@teajf.org.
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