Maryland Top Court Adopts IOLTA Comparability Rule
Tuesday, December 18, 2007
- Organization: Maryland Legal Services Corporation
The Maryland Court of Appeals adopted an IOLTA Comparability Rule on December 3, 2007, requiring IOLTA deposits to be held in Maryland financial institutions that agree to pay comparable rates of interest on IOLTA as is paid to similarly-situated non-IOLTA customers. MLSC will be working closely with the Maryland Banker's Association and Maryland financial institutions to ensure successful implementation of this new Rule, which has an effective date of April 1, 2008.