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Escrow
Manager
872 Jericho Turnpike
St. James, NY 11780
Phone:
631.265.8305
Toll Free: 877.674.6312
Fax: 631.265.8307
info@escrowmanager.com
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"Attracting Commercial Deposits, Escrow Accounts Can Be
A Good Source of Lower-Cost Deposits"
New York Times, March 26, 2003 By LINDA GREENHOUSE
In a recent decision, the United States Supreme Court upheld the nationwide IOLTA (Interest On Lawyer's Trust Accounts) program that was created in 1981 to provide legal services to the poor. The program generates some $160 million a year nationwide. This is very important to the legal and banking industry as it allows lawyers and other institutions to hold their client's short-term money in interest-bearing accounts. The interest from these accounts is used as financial support to those who can't afford legal services.
To read the entire Opinion (Brown vs. Legal Foundation of Washington), please visit http://www.supremecourtus.gov/opinions/02pdf/01-1325.pdf
State of New Jersey Modifies Landlord/Tenant Regulations
Bill Makes Sweeping Changes to Current Security Deposit Laws
The State of New Jersey has modified its Landlord/Tenant Regulations regarding Rent Security deposits and the Landlord Administrative fee specifically. These new regulations become effective on January 1, 2004. For further information visit the following links.
To read the press release from the Governor's office please visit:
http://www.state.nj.us/cgi-bin/governor/njnewsline/view_article.pl?id=1432
To read the actual bill please visit:
http://www.njleg.state.nj.us/2002/Bills/AL03/188_.PDF
