The Texas Access to Justice Foundation currently administers several funds, which are earmarked for the provision of civil legal aid. One of these funds, the Texas Interest on Lawyers’ Trust Accounts (IOLTA) Program, was created in 1984 as a mechanism to enable poor Texans to have access to the civil justice system.
When an attorney receives nominal funds or funds held for a short period of time, he or she must deposit the funds into an interest-bearing IOLTA bank account. The collected interest is remitted to the Texas Access to Justice Foundation, which then grants the money to nonprofit groups across the state on a yearly basis.
The Supreme Court of Texas has adopted IOLTA rules requiring Texas attorneys to place IOLTA accounts at eligible financial institutions. If your financial institution currently holds IOLTA accounts, and you would like to learn more about becoming eligible, visit the Become an Eligible Financial Institution section for more information.
If your institution does not currently hold IOLTA accounts, please contact Payal Vora at 512.320.0099, ext. 108, before opening IOLTA accounts. You must acquire a bank code and a packet of instructions and forms from the Foundation before qualifying for the eligibility process.
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CHANGES TO IOLTA RULES EFFECTIVE JAN. 13, 2009
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