Current through Register Vol. 54, No. 45, November 9, 2024
Section 81.306 - Requirements Applicable to MJ-IOTA Accounts(a) Unless an exemption has been granted to the Judicial Official, each Judicial Official shall establish an MJ-IOTA Account at the Depository Institution of his or her choice, provided that the Depository Institution complies with the MJ-IOTA Regulations. If local county policies and procedures concerning accounts established by the Judicial Official exist, nothing herein shall be construed as relieving the Judicial Official of complying with such policies and procedures, except to the extent inconsistent herewith.(b) In order to qualify an account as a MJ-IOTA Account, the Depository Institution must satisfy the requirements set forth in Section 81.301(c) above.(c) The following additional requirements apply to MJ-IOTA Accounts: (1) A Depository Institution shall submit to the IOLTA Board for review and approval a Compliance Certification Form, which identifies the rate of interest or dividend to be provided for MJ-IOTA Accounts and certifies the Depository Institution's compliance with the MJ-IOTA Regulations and the IOLTA Board's Comparability Guidance. Prior to changing a rate that was previously approved by the IOLTA Board, or when the rates for comparable products exceed the rate listed in the Depository Institution's most recently approved Compliance Certification Form, the Depository Institution shall submit a new Compliance Certification Form to the IOLTA Board for review and approval.(2) Depository Institutions shall grant requests by the IOLTA Board to recover income that was not remitted to the IOLTA Board, in accordance with the Depository Institution's most recently approved Compliance Certification Form, during the twelve months preceding the IOLTA Board's request.(d) Depository Institutions may impose reasonable service charges for the administration of MJ-IOTA Accounts. (1) A Depository Institution may deduct service charges such as maintenance fees and transaction charges against the amount of income to be paid on the MJ-IOTA Account to which service charges apply.(2) All costs associated with check printing, overdraft charges, charges for a temporary extension of credit, stopped payments, certified checks, wire transfers and similar bank charges shall not be assessed against Qualified Funds in or income earned on an MJ-IOTA Account.The provisions of this §81.306 adopted January 6, 2005, effective 2/1/2005, 35 Pa.B. 497; amended August 7, 2017, effective immediately, 47 Pa.B. 4802.