IOLTA & IOTA
Interest on Lawyers' Trust Accounts (IOLTA) and Interest on Trust Accounts (IOTA) are programs established by the Ohio General Assembly to provide sorely needed funds to improve access to justice for the poor in this state.
Through these programs, lawyers and title agents are permitted to pool client funds into a single account. Though lawyers and title agents are prohibited by law from benefiting from these funds, state lawmakers directed that IOLTA and IOTA accounts should be used to handle these sorts of funds that are small in amount or to be held for a short period of time. The interest on these accounts is directed to the Ohio Legal Assistance Foundation. Annually, the program generates $7 to $8 million to support legal aid societies.
The Foundation has adopted administrative rules for the IOLTA program. View the IOLTA/IOTA Rules page.
The Foundation has also prepared an IOLTA FAQ card to answer introductory questions on IOLTA.
Not sure whether to place client funds in your IOLTA account or a separate account for the benefit of the client? View this one-page overview of funds eligible for deposit in IOLTA.