Arizona's IOLTA program is voluntary for any financial institution, and in order to participate, the financial institution must
first sign a written agreement.
The 2009 Participation Agreement, which becomes effective June 1st, reflects the care taken to explicitly spell out the concept and nature
of IOLTA accounts as well as the specification of the service fees that may be taken from the interest.
Under the new agreement, the Foundation has set the participating financial institution's service fee at 10% of the
interest earned on the aggregate principal balances of the IOLTA accounts.
Perhaps most importantly, this 2009-2010 Participation Agreement acts as a blanket request on behalf of all attorneys to assure
that related ethical obligations and compliance with Rule 43 are met. |
