P.R. Laws tit. 4, § 696
(a) A lawyer or law firm receiving qualified deposits from a client shall maintain an IOLTA account wherein such qualified funds shall be deposited in accordance with the provisions of Canon 23 and the provisions and definitions of this chapter.
(b) A lawyer or law firm shall deposit qualified funds that cannot earn net income for the client in the IOLTA Account, in accordance with the provisions of this chapter and the regulations adopted thereunder, the provisions of the Puerto Rico Code of Professional Ethics, (4 L.P.R.A. Ap. IX), and following the criteria below:
(1) Qualified deposits of depositing clients shall not be commingled with the lawyer or law firms” own money;
(2) A lawyer or law firm may pool qualified deposits of in a single IOLTA account, provided that a ledger for the qualified deposits of each depositing client is kept;
(3) Every IOLTA account shall be maintained in an approved depository institution, as provided in § 701 of this title;
(4) Nothing in this chapter shall be inconsistent with the inherent power of the Supreme Court of Puerto Rico to regulate the legal profession and impose ethical rules on lawyers.
IOLTA accounts shall include the name of the lawyer or law firm and be identified as “IOLTA Funds Account” in every check and deposit slip.
History —Dec. 26, 2013, No. 165, § 3.