§ 81.106. Interest on IOLTA Accounts.

 (a)  The rate of interest paid on IOLTA Accounts shall be not less than the highest rate of interest generally available from the financial institution to depositors generally for accounts with the same minimum balance and other account eligibility requirements.

 (b)  A financial institution shall be deemed to have satisfied the requirements of subsection (a) of this regulation if the rate of interest offered by the financial institution on IOLTA Accounts is not less than the rate of interest identified from time to time by the Board as the ‘‘safe harbor’’ rate in the Board’s ‘‘Guidelines for Financial Institutions.’’

 (c)  Under no circumstances may the rate of interest payable on an IOLTA Account be less than the rate paid by the depository institution on negotiable order of withdrawal accounts or super negotiable order of withdrawal accounts.

 (d)  Remittance of interest: Any interest earned under the IOLTA program must be remitted to the Board at least every quarter. The following information must be provided to the Board and to the lawyer who maintains the IOLTA Account at the time of each remittance:

     (i)   The name of the account;

     (ii)   The service charges or fees deducted, if any;

     (iii)   The amount of interest remitted from the account; and

     (iv)   If available, the average daily balance in the IOLTA Account.