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IOLTA Interest/Dividend Requirements Updated by Michigan Supreme Court

6/24/05

The Michigan Supreme Court has updated interest/dividend rate parity provisions in Michigan Rules of Professional Conduct 1.15. Interest on Lawyers Trust Accounts (IOLTA accounts) can now earn the same interest or dividend rates generally available to similarly-situated non-IOLTA customers at the same financial institution. The Michigan State Bar Foundation, which administers IOLTA, reports that less than 10% of IOLTA accounts are impacted by this change. The Foundation will contact those lawyers who may be affected after working with banks on implementation. Lawyers and banks are asked to contact the Foundation with questions. IOLTA has provided over $18 million to civil legal aid programs and other charitable projects that improve the administration of justice in Michigan since its inception in 1990.

http://www.msbf.org/iolta/iolta062005pr.htm
http://www.msbf.org/iolta/IOLTAlawyerinfo.htm

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