Title: IN RE: Oklahoma Rule of Professional Conduct 1.15

State: oklahoma

Issuer: Oklahoma Supreme Court

Document:

IN RE: Oklahoma Rule of Professional Conduct 1.152022 OK 82Case Number: SCBD-7279Decided: 10/10/2022THE SUPREME COURT OF THE STATE OF OKLAHOMA

In Re: Oklahoma Rule of Professional Conduct 1.15
ORDER
This matter comes on before this Court upon an Application to Amend Oklahoma Rule of Professional Conduct, as proposed and set out in Exhibit "A" attached hereto. This Court finds that it has jurisdiction over this matter and the Rule is hereby amended as set out in Exhibit A attached hereto effective November 1, 2022.
DONE BY ORDER OF THE SUPREME COURT IN CONFERENCE this 10TH day of OCTOBER, 2022.
/s/Chief Justice
Darby, C.J., Kauger, Winchester, Edmondson, Combs, Gurich and Rowe, JJ., concur;
Rowe, J., with whom Kauger, J., joins, concurring
Kane, V.C.J. and Kuehn, J., not participating.
 
 
OKLAHOMA BAR FOUNDATION, INC.
Proposed Amendments to Rule 1.15
of the Oklahoma Rules of Professional Conduct
To Add Interest Rate Comparability to the Oklahoma IOLTA Program
The OBF proposes the following modifications to existing Rule 1.15 of the Oklahoma Rules of Professional Conduct, providing for the incorporation of Interest Rate Comparability into the Oklahoma IOLTA Program. The proposed modifications are shown as follows: additions are highlighted in red and deletions are shown by strike-throughs.
Rule 1.15. Safekeeping Property
(iii) the capability of financial institutions to calculate and pay interest to individual clients;. 
"Approved Institution" -- refers to a financial institution that meets the requirements of subparagraph (h) as determined by the Oklahoma Bar Foundation and has been approved by the Office of the General Counsel to be in compliance with all requirements of Rule 1.15.
"Financial Institution" -- includes refers to banks, savings and loan associations, savings banks, credit unions and any other business or person which accepts for deposit funds held in trust by lawyers.
"IOLTA" -- refers to Interest on Lawyers Trust Accounts, which are interest or dividend bearing trust accounts established by lawyers or law firms to hold funds of clients or third parties in connection with a representation pursuant to the requirements of Rule 1.15.
"Net Yield" -- refers to the effective interest or dividend earned on an IOLTA account after considering any IOLTA account fees assessed by a financial institution against the interest or dividend earned.
"Notice of dishonor" -- refers to the notice, which a financial institution is required to give, under the laws of this jurisdiction, upon presentation of an instrument, which the institution dishonors.
"Properly payable" -- refers to an instrument which, if presented in the normal course of business, is in a form requiring payment under the laws of this jurisdiction.
"Safe Harbor" rate -- refers to the interest rate which, if paid by a financial institution on an IOLTA Account, shall be deemed by the Oklahoma Bar Foundation to meet the comparability requirements of Rule 1.15, regardless of the highest yield available at the financial institution.