IOLTA annual compliance certification

Each IOLTA participating institution shall certify to WisTAF annually that the financial institution meets the requirements of Wisconsin Supreme Court Rule (SCR) 20:1.15 for IOLTA accounts, and that it reports overdrafts on draft trust accounts and draft fiduciary accounts of lawyers and law firms to the Office of Lawyer Regulation. Financial institutions are required to respond to reasonable requests from WisTAF for information needed for confirming the accuracy of an IOLTA participating financial institution’s self-certification. 

WisTAF will send all participating financial institutions compliance certification forms at the beginning of each calendar year requesting IOLTA comparability rate information and current rate and product information. Compliance certification forms are due to the WisTAF office by February 15 of each calendar year or within 30 days of receipt of the form. Failing to comply with this deadline may result in an insitution being removed from the “List of Eligible Participating Financial Institutions,” thereby notifying all attorney clients of this change in status.