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Part of that dues information package will be your “IOLTA Certification,” which is a simple two-sided form. Rule 11 outlines in detail the requirements of IOLTA accounts.Įach year in November or early December, the Hawaii State Bar Association (HSBA) will send you your HSBA Dues Notice for the following year. You should contact the Office of Disciplinary Counsel if you have specific questions, or you can read Rule 11 of the Rules of the Supreme Court of Hawaii. The Office of Disciplinary Counsel does require that unearned client fees be handled appropriately, either through your IOLTA account or through a special trust account set up for a particular transaction. We realize that it will take some of your valuable time to establish this IOLTA account, and we appreciate your efforts. The net monthly interest from your trust account is paid over to HJF, and HJF uses this to fund various legal services projects and related activities. Please note that under HRPC 1.15(b), the title of the account should be “Client Trust Account” and not “Clients Trust Account” or “Client’s Trust Account.”Īll typical monthly service fees (other than special fees charged for cashier’s checks, insufficient funds, etc.) are paid by your bank and/or HJF. Please fax or mail to HJF a copy of a voided check or deposit slip, once you have your new IOLTA account established. Please work directly with your bank to establish your IOLTA account. Your IOLTA account is commonly referred to as your “trust account,” since the funds in the IOLTA account are held by you in trust for your client until fees and costs are earned and billed to the client, at which time they can then be transferred to another appropriate location. Enclosed also is “Form 2,” which is the form you should give to your bank regarding establishing your trust account. This information sheet lists the various banks in Hawaii that offer IOLTA accounts, and we think you will find the process easier than you probably now imagine. *Source of Information: Hawaii Justice FoundationĮnclosed for your information and use is a two-page information sheet entitled “ Complying with Rule 11 ” that describes the basic requirements of Rule 11 of the Rules of Supreme Court of Hawaii. Complete the second page and return it to the Lawyers Trust Fund via email or fax (31).Establishing an Interest on Lawyer's Trust (IOLTA) Account.Complete the first page of the form and provide it to the financial institution.

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Download the Notice to Financial Institution/Notice of Enrollment Form:.It is also available on request from LTF.) Make sure the account uses the tax identification number (TIN) of the Lawyers Trust Fund.You or your law firm should be identified as the owner of the account and the Lawyers Trust Fund should be designated as the recipient of interest generated on the account. Make sure the account is identified as a client trust account.

Ask the financial institution to set up an interest-bearing demand deposit account.

To be eligible under Rule 1.15, a financial institution must meet certain IOLTA criteria and agree to notify the ARDC when a client trust account is overdrawn.

Identify a financial institution that is eligible to hold IOLTA accounts.

If you do not have an IOLTA account, follow these steps to establish one: If you handle client funds that are nominal or short term, you must deposit them in an IOLTA account.

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