The office is quiet today, the last day of 2009. In fact, most people are off. But I thought it would be a good time to catch up on some of those pending to-dos. And this post is one of those on my to-do list.
A few weeks back, on December 17, 2009, the Supreme Court of South Carolina issued an order amending Rule 412. Rule 412, SCACR, governs the IOLTA program. The amendments were requested by the SC Bar Foundation earlier this year. The Supreme Court then received written comments from interested entities, including from the SC Access to Justice Commission.
Why is this so exciting?
Well, because IOLTA affects access to justice in a large way. Remember our previous post re: IOLTA?
Specifically this part:
IOLTA is a way to support access to justice to people living in poverty without taxing the public or charging attorneys or their clients. IOLTA is pooled to provide civil legal aid to the poor and support improvements to the justice system.
Well, the big news is that the amendments include interest rate comparability. This becomes effective June 15, 2010.
What is interest rate comparability?
GENERALLY: Interest Rate Comparability for IOLTA accounts indicates that the financial institution that pays those accounts the highest interest rate generally available at that institution to other customers when IOLTA accounts meet the same minimum balance or other account qualifications, if any.
And that makes one more good thing that happened in 2009!
Happy New Year!