The Supreme Court of South Carolina
Re: Amendment to Rule 412, South Carolina Appellate Court Rules
Appellate Case No. 2015-000829
The South Carolina Bar Foundation has submitted a request to amend Rule 412(a)(4), SCACR, to permit attorneys to utilize credit unions for Interest on Lawyer Trust Accounts (IOLTA). The requested change is based on recent federal legislation, which mandates insurance coverage for IOLTAs if the attorney is a member of the credit union, regardless of whether the attorney's clients are members of the credit union.
We grant the Bar Foundation's request. Rule 412(a)(4), SCACR, is amended as set forth below. The amendment is effective immediately.
(4) "Eligible Institution" means any bank, credit union or savings and loan association authorized by federal or state laws to do business in South Carolina and insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or any successor insurance corporation(s) established by federal or state laws.
s/Jean H. Toal C.J.
s/Costa M. Pleicones J.
s/Donald W. Beatty J.
s/John W. Kittredge J.
s/Kaye G. Hearn J.
Columbia, South Carolina
May 22, 2015