Interest on lawyers’ trust account program (IOLTA)

44.1(1) The Lawyer Trust Account Commission (commission) was created by the supreme court to receive interest on lawyers’ pooled trust accounts. Lawyers’ pooled trust accounts hold client funds that are so small in amount or held for such a brief period that it is not possible for the funds to economically benefit the individual client. Previously, lawyers’ pooled trust accounts earned no interest. Effective July 1, 1985, an interest on lawyers’ trust account program (IOLTA) was created to benefit charitable and educational interests. The commission has adopted grant criteria by which the interest earned will be disbursed. The commission reserves the right to change these criteria as it continues to assess how and where its funds might be best used. 44.1(2) The commission provides the following information in this chapter to guide grant applicants in applying for funds. 44.1(3) Grant applications are available from the commission at the following addresses: Lawyer Trust Account Commission Iowa Judicial Branch Building 1111 East Court Avenue Des Moines, Iowa 50319 (515) 725-8029 Grant applications will be located on the Iowa Judicial Branch website. [Court Order December 27, 1985, effective February 3, 1986; December 23, 1987; November 9, 2001, effective February 15, 2002; April 9, 2003; December 10, 2012; December 13, 2017, effective January 1, 2018]