Rule 40.3 - Processing applications(1) The executive director of the office of professional regulation will cause each such application to be sent to the commissioners or other parties or organizations for investigation and report. A copy must be served upon or sent by certified mail to the lawyer, at the lawyer's last-known address, who it is claimed committed the dishonest act. Whenever feasible, any investigative lawyer to whom such application is referred must not practice in the county wherein the alleged defalcating attorney practiced.(2) When, in the opinion of the person or persons to whom the application has been referred for investigation the application is clearly not for a reimbursable loss, no further investigation need be conducted, but a report with respect to such application must be made to the commission.(3) The person or persons to whom a report is referred for investigation will conduct such investigation as to them seems necessary and desirable in order to determine whether the claim is for a reimbursable loss and in order to guide the commissioners in determining the extent, if any, to which the claim must be reimbursed from the fund. Any information so obtained by the person or persons will be used solely by or for the commissioners and will constitute confidential information. When information is received by the commission indicating an apparent violation of the criminal laws by a lawyer, such information must be reported to the attorney disciplinary board.(4) Reports with respect to applications must be submitted by the executive director of the office of professional regulation to each member of the commission as soon as reasonably possible.(5) At the meetings of the commission the commissioners will conduct such investigation or review as seems necessary or desirable in order to determine whether the applications are for a reimbursable loss and to guide the commissioners in determining the extent, if any, to which the applicant may be reimbursed. After studying the summaries or applications to be processed, any commissioner may request that testimony be presented. Absent such recommendation or request, applications will be processed on the basis of information contained in the report of the person or persons who investigated such application and in the summary. In all cases, the alleged defalcating attorney or the attorney's personal representative must be given an opportunity to be heard by the commissioners if they so request.(6) The commission in its sole discretion will determine the amount of loss, if any, for which any person may be reimbursed from the fund. See Iowa Ct. R. 39.9(2). However, the maximum amount that any one claimant may recover from the fund is $100,000 and the aggregate maximum amount which may be recovered from the fund because of the dishonest conduct of any one attorney is $300,000.Regul. Cli. Secu. Comm. 40.3
Regulation amendment July 8, 1981; Court Order July 16, 1984; December 15, 1994, effective 1/3/1995; 11/9/2001, effective 2/15/2002; 11/26/2013, effective 1/1/2014; 7/1/2005; 12/13/2017, effective 1/1/2018; court order September 14, 2021, effective 10/1/2021.Comment: The November 26, 2013, amendments of claim reimbursement limits apply only to claims arising from attorney conduct occurring on or after January 1, 2014.