204 Pa. Code § 91.173 - Approval and termination of Eligible Institutions
(a)
Approval. Enforcement
Rule 221(h) provides that an Eligible Institution shall be approved as a
depository for Trust Accounts if it shall file with the Board an agreement in a
form approved by the Board in which the Eligible Institution agrees to comply
with IOLTA Regulations governing approved Eligible Institutions and to make a
prompt report to the Lawyers Fund for Client Security Board under the
circumstances described in §
91.174 (relating to reports of
overdrafts). Upon receiving a signed agreement from an Eligible Institution as
required by this subsection, the Board shall report that fact to the Supreme
Court with a recommendation that the Court enter an order approving the
Eligible Institution as a depository for Trust Accounts.
(b)
Termination of approval.
Enforcement Rule 221(k) provides that a failure on the part of an Eligible
Institution to make a report to the Lawyers Fund for Client Security Board
called for by this subchapter or to comply with IOLTA Regulations governing
approved Eligible Institutions may be cause for termination of its approval by
the Supreme Court, but such failure shall not, absent gross negligence, give
rise to a cause of action by any person who is proximately caused harm thereby.
Upon learning that a financial institution has failed to make a report called
for by this subchapter, the Board shall report that fact to the Supreme Court
with a recommendation that the Court enter an order terminating the approval of
the financial institution as a depository for Trust Accounts.
(c)
List of approved Eligible
Institutions. The Board will periodically publish in the
Pennsylvania Bulletin a list of Eligible Institutions that are
approved at the time as depositories for Trust Accounts under this subchapter.
The current list shall also be published in the Pennsylvania
Code as an appendix to this section.
Notes
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