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Statute/Rule/Practice Book Sections
The Connecticut IOLTA Program
Connecticut General Statute Sec. 51-81c
The Interest on Lawyers' Trust Accounts (IOLTA) program was established by the Connecticut Legislature in 1984 to assist in the delivery of legal services to the poor. In 1989, IOLTA became a mandatory program and was amended to include scholarships for students demonstrating financial need attending law schools in Connecticut. The statute was amended in 2005 to include funds from all entities having an account “. . . established to receive loan proceeds from a mortgage lender . . .” which is referred to as Interest on Trust Accounts (IOTA).
Connecticut Practice Book, Rules of Professional Conduct, Rule 1.15
The Rules of Professional Conduct, Rule 1.15 Safekeeping Property, provides lawyers with a framework for handling their clients’ funds. Attorneys are responsible for maintaining and monitoring their clients’ trust accounts properly.
Connecticut Practice Book, Superior Court General Provisions, Sec. 2-27 – 2-28
The Rules of the Superior Court relate to the admissions, qualifications, practice and removal of attorneys. Superior Court General Provisions, Sec. 2-27 stipulates that all clients’ funds accounts must be registered annually with the Judicial Branch and that these accounts are subject to random audits by the Statewide Grievance Committee. Sec. 2-28 delineates overdraft notification required by approved banks.