Michigan State Bar Foundation
NOTE: For a description of recent changes to the Michigan IOLTA Rule effective October 18, 2005, see the Notice of IOLTA Program Changes - Information for Financial Institutions
The IOLTA program, started in 1990, receives interest on lawyer's pooled trust accounts (interest bearing commercial checking accounts) that hold clients funds that are either so small in amount or held for such a short time, that the funds can not generate enough net interest to benefit the individual client. The Michigan Supreme Court designates 70 percent of these funds to support civil legal services for the poor.
The IOLTA FAQ's are contained in the Attorney IOLTA Guidelines Brochure which was approved by the Michigan Supreme Court on October 18, 2005. It provides information about the guidelines regarding financial institutions offering IOLTA accounts and contains a list of frequntly asked questions about the IOLTA program.
The Michigan Rules of Professional Conduct Rule 1.15 contains the IOLTA provisions.
The Michigan Financial Institutions IOLTA Handbook provides guidance for financial institution in administering the IOLTA program.
The IOLTA Remittance Report can be used to provide remittance information regarding IOLTA accounts to the Michigan State Bar Foundation. The Microsoft Excel version of the Remittance Report can be used to complete the form electronically. It can be e-mailed to email@example.com.
FOR MORE INFORMATION OR FOR QUESTIONS: Email questions to firstname.lastname@example.org or call the Foundation at 800-968-6723.