Regs Governing IOLTAs, IRETAs & Funeral Trusts?

Answered by:

Question:

Are there any federal regulations that govern IOLTAs, IRETAs and funeral trusts? Do individual states have laws that govern these accounts? One of the departments we generally perform compliance testing on for escheat and court blocked accounts accepted responsibilities for these three new areas and we would like to confirm what additional compliance testing needs to be done.

Answer:

You will have to look to state laws for guidance. There is nothing at the federal level.

First published on BankersOnline.com 4/13/09