Section 81.106. Income on IOLTA Accounts

(a) The rate of interest or dividend paid on IOLTA Accounts shall be not less than the highest rate of interest or dividend generally available from the Eligible Institution to non-IOLTA customers when the IOLTA Account meets the same minimum balance or other eligibility qualifications.

(b) An Eligible Institution shall be deemed to have satisfied the requirements of subsection (a) of this regulation if the Eligible Institution is in compliance with Comparability Guidance published by the IOLTA Board from time to time.

(c) Each Eligible Institution shall file with the IOLTA Board a Compliance Certification Form, certifying compliance with Comparability Guidance in effect from time to time. The Eligible Institution shall be responsible for filing a new Compliance Certification Form when information previously provided to the IOLTA Board becomes inaccurate.

(d) Remittance of income: All income earned under the IOLTA program must be remitted to the IOLTA Board at least every quarter.