OLAF | IOLTA/IOTA Rules

IOLTA/IOTA

Ohio Legal Assistance Foundation Rules

On September 6, 2001, the Ohio Legal Assistance Foundation (OLAF) Board of Trustees adopted the final set of Rules governing Interest on Lawyers' Trust Accounts (IOLTA) and Interest on Trust Accounts (IOTA) in the state of Ohio. The adoption of these Rules followed extensive publication, notice, comment opportunities and a public hearing. The effective date of implementation for the Rules is April 1, 2002. The effect of the new Rules is the modification and adoption of past policies and practices of OLAF and the Ohio Public Defender’s Office, which administered the legal aid fund prior to the creation of OLAF.

The following amendments to the Code of Professional Responsibility (DR 9-102) and the Supreme Court Rules for the Government of the Bar of Ohio (Gov. Bar R. VI) were adopted by the Supreme Court on August 27, 2002 and are effective November 1, 2002. These amendments supplement the IOLTA/IOTA Rules and ensure compliance by Ohio lawyers and law firms with the statutory provisions relative to interest on trust accounts.

Supreme Court Rule Regarding IOLTA/IOTA (MS Word format - 9KB)

On Aug. 1, 2006, the Supreme Court of Ohio announced the adoption of the Ohio Rules of Professional Conduct, effective Feb. 1, 2007. View the Supreme Court's web page for links to the new rules and other related materials.

Supreme Court Rule 1.15 (Safekeeping Funds and Property) (MS Word format - 9KB)

Rules Overview

In 1985, the Ohio Legislature, with the passage of Amended Substitute Senate Bill 219, established state funding for legal services providers to low-income Ohioans. The legislature adopted two means of financing the state's newly established legal aid fund -- a filing fee surcharge on most civil cases and the interest on lawyer's trust account (IOLTA) program. The legislature charged the state Public Defender with administering the program. In compliance with this legislative mandate, the Public Defender implemented and then administered the legal aid fund from 1985 through mid-1995. This included collecting the filing fee surcharge proceeds and the interest on the IOLTA accounts. No formal rules were adopted throughout the ten-year period of the Public Defender's administration.

In 1995, the legislature created the Ohio Legal Assistance Foundation, granting it specific rule-making authority. A “rule” is a formal, written statement of policy that, once adopted, has the force of law. The state Public Defender then amended a 1989 declaration of trust establishing the Ohio Legal Aid Societies Assistance Charitable Foundation -- a Public Defender institution that allowed for the solicitation and receipt of private contributions, pursuant to a provision in the 1985 legislation, Am. Sub. S.B. 219.

For the past 5 years, the Ohio Legal Assistance Foundation has administered IOLTA and the legal aid fund. During this period, it adopted and modified policies and practices established by the Public Defender. Following publication of proposed rules, a public hearing, and an extensive comment period, the OLAF board adopted a final of set rules for the organization at its meeting on September 6, 2001. The effect of the new rules is the modification and adoption of past policies and practices of the Foundation and Public Defender’s Office (which administered the legal aid fund prior to the creation of OLAF). The rules are divided into the following sections: O LAF operational rules; Administration of the IOLTA/IOTA program relating to financial institutions; Administration of the IOLTA/IOTA program relating to depositors; and, Ohio’s legal aid societies and the legal aid fund. The effective date of implementation for the Rules is April 1, 2002.

For more information, please contact the Foundation at (614) 752-8919 or by e-mail.

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