About IOLTA

The Nebraska Lawyers Trust Account Foundation (NLTAF) administers the Interest On Lawyers Trust Account (IOLTA) Program per Nebraska Supreme Court Rules.

In May, 1984, the Supreme Court of Nebraska amended the Rules on Trust Accounts to allow for the establishment of interest-bearing client accounts. These client funds are nominal in amount or held for a short period of time. This rule states that the Nebraska Lawyers Trust Account Foundation is the sole beneficiary of the earned interest.

In December 1992, the Supreme Court of Nebraska adopted an amendment to the Rules that requires all lawyers or law firms to maintain an interest-bearing account, unless an individual opts-out. A lawyer or law firm may decline (opt-out) to participate in the program by filing a Notice of Declination with the Nebraska Supreme Court by February 15 of each year.

Financial institutions include any state or federally chartered bank, savings bank, savings and loan association, or building and loan association insured by the Federal Deposit Insurance Corporation. 

Any federal credit union that participates in the National Credit Union Administration Share Insurance fund qualifies as a financial institution.

Only simple reporting mechanisms are needed to operate the IOLTA program.