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IOLTA is the acronym for Interest on Lawyers' Trust Accounts. It is a program which assists in providing civil legal services to those who could not otherwise afford help from an attorney.
WisTAF has granted more than $58 million to agencies that provide civil legal services to Wisconsin’s low income population. From Superior to Milwaukee, funds generated via the Interest on Lawyers’ Trust Accounts (IOLTA) program have enabled legal service providers to help meet the increasing needs of low income families in the areas of housing, medical care, employment, and domestic abuse, among others. This feat was made possible through the dedicated partnership between Wisconsin’s bankers and lawyers.
The commitment of financial institutions to the communities they serve is reflected in their participation in the IOLTA program. In addition to paying competitive interest rates on lawyers’ trust accounts, many financial institutions have chosen to waive fees on IOLTA accounts, resulting in a direct increase in the dollars available to help fund legal services.
Chapter 13 of the Wisconsin Supreme Court Rules (Interest on Trust Accounts Program and Public Interest Legal Services Fund) and the Wisconsin Supreme Court Rule 20:1.15 pertain to the operation of the Wisconsin Trust Account Foundation. Both rules can be found on the Wisconsin Supreme Court website.
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