By Nerino Petro at 29 December, 2009, 12:26 pm
On January 1, 2010, the new SCR 20:1.15, amended on July 1, 2009, goes into account. The full impact of this change on lawyers with Wisconsin IOLTA accounts is detailed in Five things lawyers need to know about trust account rule changes in effect on Jan. 1 from the State Bar of WisconsinAccording to the article:
Under the new rule, an IOLTA account must be held at an “IOLTA participating institution,” which is newly defined to be a financial institution that pays interest rates on IOLTA accounts that are at least as high as the rates it pays to non-IOLTA customers holding accounts meeting the same minimum balance and other requirements.
While the list of financial institutions participating in the new program won't be available until January 8, 2010, institutions that wished to participate had to have their paperwork in by November 20, 2009. Attorneys should be able to contact their banks to see if the institution plans to participate in the new program and has submitted the necessary paperwork.