Interest on Lawyer Trust Accounts (IOLTA) Reporting FAQ
1. Why do I need to complete an Annual IOLTA Reporting Form?
ORS 9.675 mandates that every active member certify annually to the bar whether the member maintains any lawyer trust accounts in Oregon. The member must disclose the financial institution in which each account is held and the account number for each account. This form includes the reporting of a member's Oregon IOLTA account and not an individual client trust account. Please do not report IOLTA accounts from other states.
2. Who needs to complete this form?
All active members of the Oregon State Bar need to complete an IOLTA Reporting Form.
3. What if I do not have an IOLTA account?
You still need to complete the form by checking box 2 or 3, which ever applies to your situation. Check only one box.
4. I am an associate at a law firm but do not have any control over the trust account. How do I complete the form?
You will need to check box one on the form and include your firm’s Trust Account information. You may also inquire if your firm is participating in the Company Administrator program and reporting the information on your behalf. It is your responsibility to ensure the information is reported annually before the deadline.
5. What if I am a judge or judicial clerk how do I file?
Check box 3 indicating you do not hold client funds or funds of third persons.
6. What if my office is in another state?
If you have your IOLTA account in that state then please check box 2 and leave the financial information blank.
7. Our firm maintains a Firm Trust Account used by all members. Does each member of the firm need to submit a report?
Yes, each active Oregon State Bar member in the firm must submit a report annually. The firm may choose to utilize our Company Administrator program and designate a member of the firm to report on behalf of all firm members. If you are already designated as the Company Administrator, you can report your Company’s information here. It is every active member's responsibility to ensure the IOLTA report is submitted annual before the compliance deadline.
8. My account information is already listed on the report. Do I still need to submit the form if nothing has changed?
Yes, please certify the account information is still accurate and submit the form.
9. I have an account but there is are no funds in it. Do I still need to report the account?
Yes, please report all open accounts regardless of their current balance or activity.
10. I’m practicing in another state and maintain a trust account in that state only. Do I still need to report that account to the Oregon State Bar?
No, please only report Oregon IOLTA accounts.