The Lawyers Trust Fund has published the IOLTA Operations Manual: Guidance for Illinois Financial Institutions. This manual is intended to provide financial institution for bank personnel about the Illinois IOLTA program and explains the requirements regarding many issues including:
• Establishing IOLTA accounts for lawyer customers;
• Paying comparable interest rates on IOLTA accounts; and
• Remitting interest earned on IOLTA accounts electronically.
This manual is intended for use by personnel in a financial institution’s main office or branch operations center, as well as by branch personnel who may directly interact with lawyer customers who maintain IOLTA accounts or want to establish an IOLTA account.
For more information
For questions about the manual or about the Illinois IOLTA requirements, please contact LTF Director of Finance and Operations Terri Smith-Ashford via email or at 312-938-3001.