2009 Foundation Annual Report - Rhode Island Bar Association

IOLTACreated by the Rhode Island Supreme Court in 1985, the RhodeIsland Interest on Lawyers’ Trust Accounts (IOLTA) program generatesinterest that helps fund civil legal services for the poor, legal educationfor the public and improvements in the administration of justice.On December 11, 2008, the Rhode Island Supreme Court approved arequest (petition), filed by the Rhode Island Bar Foundation andRhode Island Bar Association, to convert Rhode Island’s IOLTA programfrom opt-out to mandatory. The new rule went into affect onMarch 11, 2009. All Rhode Island attorneys were notified of thischange. The most significant change is a requirement that allRhode Island attorneys who handle client funds are nowrequired to open IOLTA accounts at eligible institutions.All Rhode Island Bar Association members, who are not currentlyparticipating in IOLTA, must complete the mandatoryRhode Island Bar Foundation Certification and ComplianceForm to insure their compliance with Rule 1.15 of theProfessional Rules of Conduct. The Compliance Form is neededto open new accounts and may also be used to file to be exempt fromthe program.What do I need to do?• If you already maintain your pooled client funds in IOLTA accounts, nothing.• If you need to convert an existing non-interest bearing client account to IOLTA, contact the BarFoundation or your financial institution.• If you are exempt from the program, and you have not already done so, you need to file theCertification and Compliance form with the Bar Foundation.Bar members may also receive assistance concerning the new IOLTA requirements, by contactingthe Rhode Island Bar Foundation office by telephone: (401) 421-6541 or email:gcaldwell@ribar.com. Compliance Forms and Information are also availabale on the BarAssociation website; www.ribar.com