IOLTA Information for New Mexico Attorneys . . .

"IOLTA" stands for Interest on Lawyers Trust Accounts. An IOLTA account is a pooled, interest-bearing demand deposit account used by lawyers to hold client funds.  IOLTA enrollment is mandatory for all New Mexico attorneys who maintain a pooled trust account. The interest generated will be reflected on the bank statement as having been earned and paid to the IOLTA program. There are no tax consequences for the lawyer or the client. The account is established using the taxpayer identification number of the program administrator. Effective January 1, 2015, the New Mexico Supreme Court named the State Bar of New Mexico the IOLTA program administrator for New Mexico. Rule 24-109 NMRA, governs the New Mexico IOLTA program.  The ethics rules, compliance and enforcement of trust accounting are described in Rules 16-115 and 17-204 NMRA and should be consulted along with the IOLTA rule. This Trust Account Manual published by the New Mexico Disciplinary Board will give you basic information on trust accounting in New Mexico.
Those financial institutions that agree to comply with the comparability and other requirements of the rule are certified as “eligible financial institutions” by the State Bar and are approved to hold IOLTA accounts in New Mexico:

Eligible Financial Institutions

The State Bar extends sincere thanks to those financial institutions that have agreed to waive their minimum balance requirement and/or processing fees. This means additional dollars are available annually to help thousands of New Mexicans who benefit from services provided by IOLTA-funded organizations.

To enroll, the attorney should complete and submit the Attorney Notice to Eligible Financial Institution to an eligible financial institution.  This form instructs your financial institution to open a new account or convert your existing trust account to an interest-bearing IOLTA account. Please read and follow the instructions on the notice carefully.  If you have any additional questions please contact the IOLTA program by emailing