Timeline for Financial Institution Compliance

Timeline for financial institution compliance with Revised North Carolina IOLTA RULE

Effective Date: July 1, 2010

March 1, 2010

North Carolina Interest on Lawyers’ Trust Accounts Program (NC IOLTA) mails information packages and Compliance Statements to all participating financial institutions.

NC IOLTA is available to answer questions and will begin evaluation of Compliance Statements as they are returned.

NC IOLTA posts information for attorneys and bankers on their website.

NC IOLTA updates lawyers and bankers materials as necessary.

April 30, 2010

Compliance Statements and required materials due back to NC IOLTA from participating financial institutions.

May 5, 2010

NC IOLTA sends reminder notice to participating financial institutions that have not submitted compliance statements.

May 18, 2010

NC IOLTA will publish its initial list of eligible financial institutions.

June 1, 2010

All financial institutions that wish to continue offering IOLTA accounts must have their forms and any required documentation submitted to NC IOLTA to allow time for evaluation.

June 15, 2010

NC IOLTA sends reminder notices to financial institutions to implement required operational and systems changes.

July 1, 2010

Financial Institution must have implemented all product and rate changes required for certification as an eligible institution.

July 1, 2010

NC IOLTA publishes final list of eligible financial institutions.

Attorneys may hold IOLTA funds only in financial institutions that have implemented all required changes and have been certified by NC IOLTA to be in compliance with NC IOLTA Rules .1316 and .1317, 27 NCAC 1D, Sections .1316-.1317.