Interest on Lawyer Accountskip breadcrumbs
Agency Web Site: http://www.iola.org/
The Interest on Lawyer Account (IOLA) Fund was established in 1983 to finance civil legal services for the indigent. Revenues are derived from the interest earned on small trust accounts in which attorneys hold certain funds for their clients. Banks transfer the interest earned on these IOLA escrow accounts to the IOLA Fund to finance grants to not-for-profit, tax-exempt entities providing civil legal services to the indigent, elderly, disabled and others. Legislation enacted in 1988 made participation in IOLA mandatory for attorneys in private practice who hold nominal short term escrow accounts for clients, and new regulations initiated in 2007 ensure that banking institutions pay a fair interest rate on IOLA escrow accounts, one that is not less than that paid on similar types of bank accounts.
The Executive Budget recommends $46.8 million for this agency and a work force of 8 FTEs, both of which are unchanged from the SFY 2014 budget.
|Aid To Localities||45,000,000||45,000,000||0||0|
|New York Interest on Lawyer Account|
|Special Revenue Funds - Other||8||8||0|
Note: Most recent estimates as of 01/20/2014