Pennsylvania Code
Pennsylvania Code & Bulletin
COMMONWEALTH OF PENNSYLVANIA

• No statutes or acts will be found at this website.

The Pennsylvania Code website reflects the Pennsylvania Code changes effective through 54 Pa.B. 5598 (August 31, 2024).

204 Pa. Code § 81.107. Service Charges on IOLTA Accounts.

§ 81.107. Service Charges on IOLTA Accounts.

 (a)  Eligible Institutions may impose reasonable service charges for the administration of IOLTA Accounts. An Eligible Institution may not deduct service charges from the principal balance in an IOLTA Account. Reasonable service charges, as well as regular account maintenance fees and transaction charges, can be deducted against the total amount of income to be paid on the IOLTA Account to which the service charges apply.

 (b)  All costs associated with check printing, overdraft charges, charges for a temporary extension of credit and similar bank charges shall not be assessed against the principal balance in or income earned or accrued income earned on an IOLTA Account. The lawyer maintaining the account shall be responsible for these costs.

 (c)  Costs for services such as overdrafts on deposited items, stopped payments, certified checks, and wire transfers at the request of the lawyer or a Third Party Owner shall not be assessed against principal balance in or income earned on an IOLTA Account. The lawyer or the Third Party Owner shall be responsible for these costs.

 (d)  Charges imposed by an Eligible Institution to file reports required by Pa.R.D.E. 221(m) shall be paid by the lawyer maintaining the Trust Account.

 (e)  As a general rule, a lawyer may not co-mingle the lawyer’s own funds with Rule 1.15 Funds. However, the lawyer may deposit funds in an IOLTA Account in order to cover costs which may not be charged to the income or principal held in the IOLTA Account. The lawyer must maintain accurate records regarding those funds.

Source

   The provisions of this §  81.109 renumbered as §  81.107 and amended November 21, 2005, effective immediately, 35 Pa.B. 6640; amended June 22, 2009, effective immediately, 39 Pa.B. 3431. Immediately preceding text appears at serial page (315896).


No part of the information on this site may be reproduced for profit or sold for profit.


This material has been drawn directly from the official Pennsylvania Code full text database. Due to the limitations of HTML or differences in display capabilities of different browsers, this version may differ slightly from the official printed version.