Section 4026 - Establishment of funding mechanism(a) Establishment.--An attorney may establish and maintain an IOLTA account by designating the account as "(name of attorney or law firm IOLTA account)" and notifying the board in such manner as may be prescribed in the bylaws.(b) Interest.--The rate of interest payable on any IOLTA account shall not be less than the rate paid by the depository institution on Negotiable Order of Withdrawal (NOW) or Super Negotiable Order of Withdrawal Accounts as permitted under 12 United States Code § 1832(a) (relating to withdrawals by negotiable or transferable instruments for transfers to third parties) or any successor provision and maintained at that institution.(c) Duties of depository institution.--With respect to each IOLTA account, the depository institution shall:(1) Remit at least quarterly any interest earned on the account to the IOLTA fund.(2) Transmit to the IOLTA fund with each remittance a statement showing at least the name of the account, service charges or fees deducted, if any, and the amount of interest remitted from the account.(3) Transmit to the attorney who maintains the IOLTA account a statement showing at least the name of the account, service charges or fees deducted, if any, and the amount of interest remitted from the account.(4) Be permitted to impose reasonable service charges for administration of such accounts.(5) Have no duty to inquire or determine whether deposits consist of qualified funds.(d) Payment from account.--Payment from an IOLTA account to or upon the order of the attorney maintaining the account shall be a valid and sufficient release of any claims by any person or entity against any depository institution for any payments so made.(e) Payment of interest.--Any remittance of interest to the IOLTA fund by a depository institution under this section shall be a valid and sufficient release and discharge of any claims by any person or entity against the depository institution for any payment so made, and no action shall be maintained against any depository institution solely for opening, offering or maintaining an IOLTA account, for accepting any funds for deposit to any IOLTA account, or for remitting any interest to the IOLTA fund.(f) Limitation of liability.--The depository institution shall not be subject to any action solely by reason of its opening, offering or maintaining an IOLTA account, accepting any funds for deposit to any such accounts or remitting any interest to the IOLTA fund.(g) Confidentiality.--All papers, records, documents or other information identifying an attorney, client or beneficial owner of an IOLTA account shall be confidential and shall not be disclosed by a depository institution except with the consent of the attorney maintaining the account or as permitted by law or Supreme Court rule.1988, April 29, P.L. 373, No. 59, § 6, effective in 6 months.