When submitting annual license fees and required disclosures to the State Bar of Nevada, all attorneys must also verify and report that their current IOLTA trust accounts are compliant with Supreme Court Rule 217. This means IOLTA trust funds must be in a participating financial institutions.
All a lawyer is required to do to be compliant with the rule is:
- Place IOLTA account(s) only with a participating financial institution as verified by this list;
- Report that information on the member dues statement; or
- Claim a waiver only if the lawyer does not have a participating financial institution within 20 miles by checking the exemption box in the SCR 78.5 disclosure section of mandatory documents and hand writing the word “rural”
List of SCR 217 Participating Financial Institutions
Nevada’s IOLTA program is managed by the Nevada Bar Foundation (NBF) as the tax-exempt foundation designated by the State Bar Board of Governors. The NBF is responsible for, among other things, providing the state bar with this list of participating financial institutions.
For more information or questions about the IOLTA program:
- Bank and other related inquiries:
Access to Justice Commission – 702-317-1409
- Account set-up, dissolution or ethics questions:
State Bar of Nevada – 702-382-2200, ask for Office of Bar Counsel Ethics Hotline
- Email: email@example.com
Information about the IOLTA program
Current text of Rule 217 effective October 3, 2010
Supreme Court Rule 217 for Interest on Lawyer Trust Accounts (IOLTA) accounts require Nevada lawyers to create or maintain their IOLTA accounts ONLY at financial institutions which, in addition to other minimum qualifications in SCR 217 and SCR 78.5, offer interest rates under one of the three indices set forth in SCR 217, subsection 2. Funds arising from a Nevada matter must be kept in an approved financial institution in Nevada.
The third index for interest allowed under SCR 217, subsection 2, prior to June 1, 2019 was set at .70% APY by the Access to Justice Commission. Effective June 1, 2019 there is a new tiered rate structure. The interest rate of .70% will be maintained for accounts with an average monthly balance of less than $150,000.00. The interest rate on accounts with an average monthly balance equal to or greater than $150,000.00 will be 1.0%.
SCR 217 continues to define IOLTA (trust) accounts as those accounts set up by a Nevada attorney to hold clients’ funds which are nominal in size or are to be held for a short period of time.
Lawyers may maintain dedicated trust accounts for other than nominal or short-term funds, without interest or with interest to inure to the benefit of the client only, in any bank approved under SCR 78.5 for non-IOLTA trust funds.