Information for Participating Financial Institutions
The Indiana Bar Foundation currently administers several funds, which are earmarked for the provision of civil legal aid. One of these funds, the Indiana Interest on Lawyers’ Trust Accounts (IOLTA) Program, was created in 1997 as a mechanism to enable low income Hoosiers to have access to the civil justice system.
When an attorney receives nominal funds or funds held for a short period of time, he or she must deposit the funds into an interest-bearing IOLTA bank account. The collected interest is remitted to the Indiana Bar Foundation, which then grants the money to a network of nonprofit groups across which promote pro bono and access to justice programs across the state on a yearly basis.
The Indiana Supreme Court has adopted IOLTA rules requiring Indiana attorneys to place IOLTA accounts at eligible financial institutions. If your financial institution currently holds IOLTA accounts, and you would like to learn more about becoming eligible, visit the IOLTA Operations Manual (Make this a link) section for more information.
If your institution does not currently hold IOLTA accounts, please contact Michael Tranovich at 317.269.7868, before opening IOLTA accounts. You must acquire a bank code and a packet of instructions and forms from the Foundation before qualifying for the eligibility process.
IOLTA Operations Manual (PDF)
IOLTA Enrollment Form (PDF)