The Interest on Lawyers' Trust Account (IOLTA) Program provides an opportunity for Iowa's banks and credit unions to work with Iowa's legal profession in helping Iowans in need. Each year the Iowa Supreme Court awards grants from fund received from the IOLTA program. Since the start of the IOLTA program in July of 1985, more than $25 million has been awarded to organizations that are either assisting low-income Iowans with civil legal problems or involved in law-related education projects.
IOLTA grant funds are generated from the interest earned on pooled trust accounts held by Iowa lawyers. Lawyers practicing law in Iowa are required to deposit clients' funds in the pooled interest-bearing trust accounts maintained by Iowa’s banks and credit unions. There are currently 4,274 active lawyer trust accounts in 248 financial institutions.
Since the funds involved are often small in amount or held for only a brief period of time, it is not possible for the funds to economically benefit the individual client. For this reason the interest earned on the funds in the accounts is ultimately remitted to the Lawyers’ Trust Account Commission, which oversees a grant application process on behalf of the Court.
For More Information
Lawyer Trust Account Commission
Judicial Branch Building
1111 East Court Avenue
Des Moines, Iowa 50319