Colorado IOLTA account requirements are detailed in Rule 1.15 of The Colorado Rules of Professional Conduct.
Colorado Lawyer Trust Account Foundation COLFAT
- Collects and disburses interest earned on Colorado IOLTA accounts.
- COLTAF Prime Partner Banks
- COLTAF Bank Account Enrollment Form
Administrative or firm funds are allowed in Colorado IOLTA accounts.
- Colorado Rules of Professional Conduct 1.15 Safekeeping Property (g) “A lawyer may deposit funds reasonably sufficient to pay anticipated service charges or other fees for maintenance or operation of such account into trust accounts. Such funds shall be clearly identified in the lawyer’s records of the account.”
- As a starting point, we suggest keeping at least $100 of firm funds even in low volume IOLTA accounts to cover bounced check fees.
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