P.R. Laws tit. 4, § 700
The Administrative Board shall have the following functions:
(a) To establish the rules and oversee compliance therewith in connection with the Fund and IOLTA accounts kept in depository institutions, ensuring the integrity, highest yield, and best use of said funds.
Once the first Administrative Board is constituted, it shall have one hundred twenty (120) days to approve regulations establishing all the rules and norms applicable to IOLTA Accounts kept in depository institutions under the jurisdiction of OCFI and/or COSSEC to effectively attain the objectives of this chapter including, but not limited to, fixing interest rates, handling, disbursing, and transferring IOLTA Funds which shall be carried out by depository institutions to the Fund. These regulations shall be drafted by the Fund’s Administrative Board with the advice and in conjunction with the inspection, supervision, and/or oversight divisions of OCFI and/or COSSEC’s depository institutions.
In carrying out their oversight duties, OCFI and COSSEC, as applicable, shall ensure that the depository institutions under their jurisdictions comply with said regulations.
(b) To qualify nonprofit organizations that provide legal services to persons qualified as low-income individuals in accordance with federal poverty guidelines as “access to justice entities” that shall be eligible to receive contributions from the Fund. The criteria to designate such entities shall be similar to those required to programs receiving funding from the Legal Services Corporation.
(c) To distribute the monies of the Fund to access to justice entities that provide free legal aid to low-income individuals in cases involving civil matters, Juvenile Court, and Drug Courts. Said distribution shall be made, at least, annually as provided by the Administrative Board. The distribution shall be made by means of an award, grant, or agreement.
(d) To implement the rules that shall govern the use of funds allocated to further the development of innovative and cost-effective programs.
(e) To implement regulations as are necessary to regulate the administration and distribution process of the monies of the Fund for the purposes established herein.
(f) To submit an annual report to the Governor of Puerto Rico and the Presiding Officers of the Bodies of the Legislative Assembly on disbursements made and functions performed. Moreover, it shall submit all those reports required by the Legislative and the Executive Branches, insofar as they are supported by reasonable and legal bases.
(g) To submit an annual report to the Comptroller of Puerto Rico on disbursements made and be subject to the Comptroller’s audits.
(h) To receive and evaluate the annual report to be submitted at the close of the fiscal year by organizations benefiting from the Fund, stating in detail the use given to the monies disbursed from the Fund.
(i) To receive and evaluate the annual report to be submitted at the close of the fiscal year by lawyers and law firms that keep IOLTA accounts. The information disclosed shall be limited to that which is necessary to ascertain compliance with the provisions of this chapter, such disclosure shall not violate the Canon of Processional Ethics.
History —Dec. 26, 2013, No. 165, § 7; Apr. 25, 2015, No. 56, § 2.