What does Iota stand for?

IOLTA/IOTA Frequently Asked Questions IOLTA and IOTA are acronyms for "Interest on Lawyers' Trust Accounts" and "Interest on Trust Accounts" respectively. The IOLTA program was established by the Ohio General Assembly in 1985, followed by IOTA in 1995. The interest earned on these accounts generates revenue for the state's legal aid fund.

What is an IOLTA account?

IOLTA programs were established in the early 1980’s to give lawyers a way to pool smaller payments and short-term funds from multiple clients into a single, interest-earning trust. Before IOLTAs, law firms had to hold any combined client funds in special checking accounts that could not earn interest.

Who needs an iota account?

All title insurance agents, (regardless of whether or not they are lawyers), and title insurance companies (that receive escrow funds and maintain the funds in a pooled escrow account) must establish an IOTA account.