9/10/2023 0 Comments Florida bar iota account formIn bylaw 2-9.7, “current and former” is added to clarify that current and former officers of the Bar members of the board of governors, UPL, clients’ security fund, and grievance committees and employees of the Bar will be covered by insurance and -3- indemnification for actions taken while acting on behalf of the Bar in their official capacity. Additionally, language stating that the effective date of reinstatement relates back to the date of delinquency is replaced with language providing that a lawyer is not considered in violation of the Bar Rules if an administrative delinquency is cleared within 60 days. Next, in rule 1-3.7, subdivision (f) (Members Delinquent 60 Days or Less) is amended to treat a failure to file a trust account compliance certification as an administrative delinquency. Also, new language clarifying the requirements for retired members to be reinstated to active membership is added to new subdivision (c) (Reinstatement). Specifically, retired members must not practice law in Florida unless reinstated to active membership in -2- good standing or certified as an emeritus lawyer, must affirmatively represent their retired status, and must not hold themselves out as being able to practice law in Florida or render advice on matters of Florida law unless certified as an emeritus lawyer. First, rule 1-3.5 is reorganized and new subdivision (b) (Practice of Law Prohibited) is added to explain requirements for retired members of the Bar. The more significant amendments are discussed below. Having considered the Bar’s petition, the Court hereby amends the Bar Rules as proposed, except for the proposed technical amendment to rule 5-1.1(g)(3) and the proposed amendment to rule 5-1.1(g)(5)(B) requiring a minimum net interest rate of 25 basis points. The notice directed interested parties to file comments directly with the Court. The Bar’s proposals were approved by the Board of Governors of The Florida Bar, and consistent with Bar Rule 1-12.1(g), the Bar published formal notice of the proposed amendments in The Florida Bar News. The Bar proposes amending Bar Rules 1-3.5 (Retirement), 1-3.7 (Reinstatement to Membership), Bylaw 2-9.7 (Insurance for Members of Board of Governors, Officers, Grievance Committee Members, UPL Committee Members, Clients’ Security Fund Committee Members, and Employees), 4-1.6 (Confidentiality of Information), 4-3.8 (Special Responsibilities of a Prosecutor), 5-1.1 (Trust Accounts), 11-1.1 (Purpose), 11-1.2 (Activities), 11-1.3 (Requirements and Limitations), 11-1.4 (Certification of Student), 11-1.5 (Approval of Legal Aid Organization), 11-1.6 (Other Activities), 11-1.7 (Supervision), 11-1.8 (Miscellaneous), 11-1.9 (Continuation of Practice Program After Completion of Law School Program or Graduation), 11-1.10 (Certification of Members of Outof-State Bars), 19-1.5 (Relationship to the Supreme Court Commission on Professionalism), and 20-5.1 (Generally). Before the Court is a petition of The Florida Bar (Bar) proposing amendments to seventeen Rules Regulating The Florida Bar (Bar Rules) and one bylaw. SC22-1292 _ IN RE: AMENDMENTS TO RULES REGULATING THE FLORIDA BAR-MISCELLANEOUS. If you have any questions about the mechanics of setting up an IOTA trust account or how the IOTA funds are used, please call The Florida Bar Foundation at (800) 541-2195.Supreme Court of Florida _ No. If you have any questions about your ethical responsibilities relating to your trust account, please call the Bar’s Ethics and Advertising Department at (800) 235-8619. Those funds, which are incapable of generating income for individuals, in excess of the costs to secure that income, are pooled in IOTA accounts the interest from which provides legal services for the poor and other law-related public interest programs approved by the Florida Supreme Court. Please make sure that you comply with the trust accounting rules by placing all short term or nominal funds of clients and third parties in your IOTA trust account. The unlimited FDIC insurance is available at all financial institutions that participate in the FDIC’s Transaction Account Guarantee Program. The FDIC has extended FULL insurance coverage to all Florida IOTA trust accounts, regardless of amount on deposit or number of clients.
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