IOLTA
What is IOLTA?
IOLTA" is an acronym for “Interest on Lawyers’ Trust Accounts.” Lawyers must place client funds into an IOLTA pursuant to Ohio Rule of Professional Conduct 1.15. The interest earned on these accounts generates revenue for the state’s legal aid fund. Every lawyer licensed to practice in the state of Ohio who receives client funds (filing fees, unearned retainers, settlements, etc.) must establish an IOLTA. If a lawyer is associated with or employed by a law firm, the firm’s IOLTA may be used.
If a lawyer does not receive and disburse client funds and neither the lawyer nor the lawyer’s firm maintains a trust account in Ohio, the lawyer is exempt from Ohio’s IOLTA provisions. An attorney may establish an IOLTA at any bank, savings & loan association, credit union, or savings bank that is authorized to transact business in the state of Ohio and currently participates in Ohio’s IOLTA program. If you have questions about an IOLTA, you may refer to the complete FAQ or review the questions below.
For information about managing client files or trust accounts, please review our online brochure.
Trust Accounting 101 Enrollment Guide
LOGIN
Click the above link. This will take you to the new website for OhioCourtEDU. If you have ever completed a course in OhioCourtEDU, select “LOGIN TO ACCOUNT”. If you do not have an account, click “CREATE AN ACCOUNT”. Follow the instructions to login and access your dashboard.
SEARCH
Once you are in OhioCourtEDU, you can search for the course via the Catalog button or the magnifying glass/search bar at the top of the site. Search for the course titled “Trust Accounting 101.”
BEGIN THE COURSE
To begin the course, select the “Enroll” button, then you are able to click “Launch” to start the course.
EVALUATION
You must complete the mandatory course evaluation after you complete the online module to receive your completion certificate and CLE credit. At the end of the online module, click the Exit button. At the right of the screen, the course evaluation will be listed as the next course task in the menu. Select the course evaluation, answer the questions, then click Submit.
CERTIFICATE
After completing the course evaluation, you will want to return to the learner dashboard. Next, select the My Transcript button. Select the Certificates heading near the top of the page or scroll down to that section of the page.
Locate the “Trust Accounting 101” course within the certificate list and select Download at right. Your certificate will open in a new browser tab. If you don't see a new window with your certificate, allow pop-ups. You can now save or print your certificate.
We will report your CLE credit to the appropriate office. Please be advised that reporting will take place monthly, so your CLE record may not reflect your completion of this course for 30-45 days post-completion.
IOLTA Overdraft
Insufficient Funds Reporting
Contact Information
Email:
Mail:
Office of Disciplinary Counsel,
65 E. State Street, Suite 1510,
Columbus, Ohio 43215
Fax:
(614) 387-9709
Under Ohio Revised Code § 4705.10, depository institutions are required to notify the Office of Disciplinary Counsel “when a properly payable instrument is presented for payment from the account, and the account contains insufficient funds.” This obligation applies regardless of whether “the instrument is honored by the depository institution.”
The required notice must be provided within five banking daysof the date the instrument was honored or returned due to insufficient funds.
ODC encourages use of the attached form to report overdraft or insufficient funds. The form can be emailed, mailed, or faxed to the Office of Disciplinary Counsel AT the contact information provided. For additional information, please see the form.