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Pennsylvania Statutes Title 62 P.S. Poor Persons and Public Welfare § 4024. Establishment of Lawyer Trust Account Board

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) Establishment.--There is hereby established the Lawyer Trust Account Board as an independent not-for-profit corporation. The board shall be responsible for administering the IOLTA fund and shall receive and distribute moneys in the IOLTA fund to qualified recipients as further specified in this act.

(b) Source of fund revenues.--The IOLTA fund will receive the interest generated by qualified funds deposited by attorneys in unsegregated interest-bearing accounts designated IOLTA accounts.

(c) Ownership.--The board shall hold the beneficial interest in trust accounts participating in the IOLTA program.

(d) Open meeting law.--The meetings of the board shall be subject to the act of July 3, 1986 (P.L. 388, No. 84),  1 known as the Sunshine Act.

1 65 P.S. § 271 et seq. (repealed); see, now, 65 Pa.C.S.A. § 701 et seq.
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Cite this article: FindLaw.com - Pennsylvania Statutes Title 62 P.S. Poor Persons and Public Welfare § 4024. Establishment of Lawyer Trust Account Board - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-62-ps-poor-persons-and-public-welfare/pa-st-sect-62-4024/

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