Opinion
No. 08-227-M.P.
October 10, 2008
ORDER
The Rhode Island Bar Foundation (the Bar Foundation) and the Rhode Island Bar Association (the Bar Association) have petitioned this Court to amend Article V, Rule 1.15 of the Rules of Professional Conduct relating to the Bar Foundation's Interest on Lawyers Trust Accounts, or IOLTA, program. The petitioners' proposed amendments would make non-exempt lawyers' participation in the IOLTA program mandatory, and they would further require financial institutions accepting IOLTA deposits to pay an interest or dividend rate equivalent to the rate paid to their non-IOLTA customers. Upon review of the petition, we conclude that before acting on the proposed amendments, members of the bar and other interested parties should be provided an opportunity to offer comment thereon.
Accordingly, the Bar Foundation/Bar Association petition to amend Article V, Rule 1.15 is assigned for hearing before the Court on Thursday, November 13, 2008 , at 9:00 a. m. Any person interested in offering oral comment may do so at that time. Notice of intent to present oral comment should be submitted to the Supreme Court Clerk on or before Monday, November 10, 2008 . Parties desiring to submit written comment may do so on or before that date. Copies of the Bar Foundation/Bar Association petition will be available for examination at the Supreme Court Clerk's office or by accessing the website of the Rhode Island Judiciary at www.courts.ri.gov and clicking on Supreme Court, Orders, and then Miscellaneous Orders.
Entered as an Order of this Court this 10 th day of October 2008.