Operations Handbook
The state of Ohio's IOLTA and IOTA program is an integral part of a comprehensive system of providing resources to assist in the charitable public purpose of delivering legal services in non-criminal matters to impoverished Ohioans.
Revenues generated from IOLTA/IOTA deposits comprise more than one-half of the total of state funds distributed to legal aid providers.
On September 6, 2001, the Ohio Legal Assistance Foundation (OLAF) Board of Trustees adopted the final set of Rules governing Interest on Lawyers' Trust Accounts (IOLTA) and Interest on Trust Accounts (IOTA) in the state of Ohio. The adoption of these Rules followed extensive publication, notice, and comment opportunities, including comments submitted by several banks and public testimony by the Ohio Bankers' Association. The effective date of implementation for the Rules is April 1, 2002.
For your information and future reference, the Foundation has updated its Operations Handbook for Financial Institutions to reflect these Rules and current practices and policies. We hope that you find this handbook helpful in the effective and efficient administration of IOLTA and IOTA accounts held at your financial institution. OLAF staff will use this Web site (www.olaf.org) to post any future updates or corrections to the handbook.
Operations Handbook for Financial Institutions (This PDF file is 2001 KB.)
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Right-click on the Handbook link, left-click on "Save Target As . . .", download to your computer, and then view in Adobe Reader.
The Foundation has an experienced and knowledgeable staff able to assist your institution with any questions or concerns regarding Ohio's IOLTA/IOTA Program. Please do not hesitate to contact us.