§ 81.112. Refunds.
(a) The IOLTA Board may return income paid to the IOLTA Board under certain circumstances. For example, if a lawyer mistakenly places Nonqualified Funds in an IOLTA Account, or if the lawyer reasonably believed that Rule 1.15 Funds were Qualified Funds, but the Rule 1.15 Funds were in fact not Qualified Funds, then the lawyer may apply for a refund of income paid to the IOLTA Board. Additionally, if an Eligible Institution erroneously remits to the IOLTA Board income that should have been properly directed to a different jurisdiction’s interest on lawyers trust account program, then the impacted lawyer, financial institution, or other jurisdiction’s interest on lawyers trust account program may apply for a refund of the income paid to the IOLTA Board.
(b) The following guidelines apply to requests for a refund:
(i) All requests must be made on the letterhead of the party making the request (i.e., the impacted lawyer, financial institution, or other jurisdiction’s interest on lawyers trust account program), and all requests must set forth in reasonable detail the basis for the requested refund.
(ii) Requests must be accompanied by verification of the income paid for which a refund is sought. Verification must be made by the Eligible Institution at which the IOLTA Account is maintained. As needed for auditing purposes, the IOLTA Board may request additional documentation.
(iii) The IOLTA Board will only consider requests where the income to be refunded was received by the IOLTA Board during the twelve-month period prior to the IOLTA Board receiving the written request for a refund.
(iv) Refunds will be remitted through the Eligible Institution that transmitted the income to the IOLTA Board unless an alternative method is requested and agreed to by the IOLTA Board.
(v) If the Eligible Institution has imposed a service charge with respect to the IOLTA Account, only the net amount of income paid to the IOLTA Board (reduced by applicable service charges) will be refunded.
(vi) The IOLTA Board may impose and deduct a processing charge from the refund.
Source The provisions of this § 81.111 adopted November 21, 2005, effective immediately, 35 Pa.B. 6640; renumbered as § 81.112 and amended June 22, 2009, effective immediately, 39 Pa.B. 3431; amended August 7, 2017, effective immediately, 47 Pa.B. 4802. Immediately preceding text appears at serial pages (387863) to (387864).
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