![]() (2) A trust account is the bank account or accounts opened to comply with rule 1. ![]() Colorado Rule of Civil Procedure 23 requires that at least fifty percent (50%) of any class action residuals be disbursed to COLTAF to support activities and programs that promote access to the civil justice system for low income residents of Colorado. (b) a licensee who acted as a signatory on a trust account or a licensee who exercised managerial or primary administrative oversight for a trust account. Rule Directing At Least 50% of Any Class Action Residuals to COLTAF. Colorado Rule of Professional Conduct 1.15B(k) allows lawyers to remit to COLTAF unclaimed funds held in the lawyer’s COLTAF account.Ĭlick here for the Remittance Procedures for Unclaimed COLTAF Funds.Ĭlick here for the Unclaimed Funds Remittance Report. An IOLTA account is a pooled, interest- or dividend-bearing business checking account (such as a NOW account) for the deposit of client funds which pays all interest earned to the Lawyers Trust Fund. Rule Governing Unclaimed Funds in COLTAF Accounts. IOLTA stands for Interest on Lawyer Trust Accounts. RulesĬolorado Rule of Professional Conduct 1.15A – General Duties of Lawyers Regarding Property of Clients and Third PartiesĬolorado Rule of Professional Conduct 1.15B – Account RequirementsĬolorado Rule of Professional Conduct 1.15C – Use of Trust AccountsĬolorado Rule of Professional Conduct 1.15D – Required RecordsĬolorado Rule of Professional Conduct 1.15E – Approved Institutions COLTAF’s Leadership Banks maximize resources for civil legal aid by providing a premium rate of return on COLTAF deposits. Lawyers can support COLTAF and Colorado’s civil legal aid delivery system by maintaining their COLTAF accounts at COLTAF’s Leadership Banks. The other 20% have gone to pro bono programs, domestic violence programs, and other justice-related programs.ĬOLTAF’s only regular source of revenue is the interest earned on COLTAF accounts at banks across the state. Approximately 80% of these funds have gone to Colorado’s federally-funded legal aid programs. From 1982 through 2018, COLTAF has made grants of over $50 million dollars. IOLTA programs operate in all fifty states and in the District of Columbia, and provide essential funding for civil legal aid.ĬOLTAF was established in 1982 by the Colorado Supreme Court, in response to dramatic cuts in federal funding for civil legal aid. This program is an innovative partnership between the legal community and the banking community, whereby the interest on lawyers’ pooled trust accounts is used to improve access to civil justice. ![]() The Colorado Lawyer Trust Account Foundation (COLTAF) administers Colorado’s Interest on Lawyers’ Trust Accounts (IOLTA) program. ![]()
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