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IOLTA Accounts

A better way to make your dollars count

LANB is a proud member of the State Bar of New Mexico IOLTA Leadership Circle. We partner with New Mexico-based attorneys to make their dollars count toward civil legal assistance to the poor, legal education, and improvements to the administration of justice in New Mexico.

What is IOLTA?

IOLTA, which stands for Interest on Lawyer Trust Accounts, is a pooled, interest-bearing demand deposit account used by lawyers to hold client funds.

How Does it Work?

An IOLTA account is opened by an attorney who receives funds that belong to a client. These funds are deposited and remain separate from the attorney’s other business funds until they are disbursed.

What are the Benefits?

Interest on IOLTA accounts is paid to the State Bar of New Mexico who, in turn, uses the funds to help individuals receive legal aid and to improve the justice system.

What you’ll need to open an IOLTA account:

If you are new to LANB:

  • Government issued photo ID for owners and signers
  • Copy of letter from IRS assigning the TIN or a recent tax return
  • Corporate Resolution indicating individuals authorized to transact business for the corporation
  • Signature card signed by the lawyer representing law firm
  • Completed form, Attorney Notice to Eligible Financial Institutions (provided by the State Bar of New Mexico)

If you already hold an account with LANB:

IOLTA enrollment is mandatory for all New Mexico attorneys who maintain a pooled trust account. The interest generated will be reflected on the bank statement as having been earned and paid to the IOLTA program.

LANB is a member of the “State Bar Leadership Circle”. This recognizes those financial institutions that agree to comply with the comparability and other requirements of the IOLTA rule and are certified as “eligible financial institutions” by the State Bar and are approved to hold IOLTA accounts in New Mexico: The ethics rules, compliance and enforcement of trust accounting are described in Rules 16-115 and 17-204 NMRA and should be consulted along with the IOLTA rule.

Open an IOLTA account today

Stop by your nearest office to open your IOLTA account.

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