§ 4026. Establishment of funding mechanism
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 62 P.S. Poor Persons and Public Welfare
62 P.S. § 4026
§ 4026. Establishment of funding mechanism
(b) Interest.--The rate of interest payable on any IOLTA account shall not be less than the rate paid by the depository institution on Negotiable Order of Withdrawal (NOW) or Super Negotiable Order of Withdrawal Accounts as permitted under 12 United States Code § 1832(a) (relating to withdrawals by negotiable or transferable instruments for transfers to third parties) or any successor provision and maintained at that institution.
(e) Payment of interest.--Any remittance of interest to the IOLTA fund by a depository institution under this section shall be a valid and sufficient release and discharge of any claims by any person or entity against the depository institution for any payment so made, and no action shall be maintained against any depository institution solely for opening, offering or maintaining an IOLTA account, for accepting any funds for deposit to any IOLTA account, or for remitting any interest to the IOLTA fund.
(g) Confidentiality.--All papers, records, documents or other information identifying an attorney, client or beneficial owner of an IOLTA account shall be confidential and shall not be disclosed by a depository institution except with the consent of the attorney maintaining the account or as permitted by law or Supreme Court rule.
Credits
1988, April 29, P.L. 373, No. 59, § 6, effective in 6 months.
62 P.S. § 4026, PA ST 62 P.S. § 4026
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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