Answer: COLTAF-approved financial institutions must mail overdraft notices to the Office of Attorney Regulation Counsel.

Explanation: COLTAF-approved financial institutions are required to provide overdraft notices to the Office of Attorney Regulation Counsel. Notice must be provided for dishonored instruments, but also for an instrument presented against insufficient funds that is honored. For dishonored instruments, the notice must be identical to the overdraft notice customarily forwarded to the depositor. For instruments presented against insufficient funds that are honored, the notice must identify the financial institution, the lawyer, LLP, or law firm for whom the account is maintained, the account number, the date of presentation for payment, the date paid, as well as the amount of the overdraft.

Report of a dishonored instrument shall be made simultaneously with, and within the time provided by law for, notice of dishonor, if any. If no such time is provided by law for notice of dishonor, or if the financial institution has honored an instrument presented against insufficient funds, then the report shall be made within five banking days of the date of presentation of the instrument.

Banks are not required to notify COLTAF of overdrafts, as long as notice is directed to the Office of Attorney Regulation Counsel.

Mail notices to:

Office of Attorney Regulation Counsel
1300 Broadway, Suite 500
Denver, CO 80203