The bill establishes a new section, 655.97, in the Florida Statutes to regulate interest rates for the Interest on Trust Accounts (IOTA) Program. It mandates the Chief Financial Officer to set two interest rate alternatives quarterly for participating financial institutions, which must select one of the alternatives annually. The first alternative is based on the highest interest rate available for comparable non-IOTA accounts, while the second alternative is set at 25% of the federal funds target rate or a minimum of 0.25%, whichever is higher. The Chief Financial Officer is required to inform Funding Florida Legal Aid (FFLA) of the established rates within three days of their determination.

This legislative change aims to ensure fairness and sustainability in the IOTA Program, which has historically provided significant funding for civil legal aid and related services. The bill also clarifies that it does not apply to interest rates established by written contracts or obligations unrelated to IOTA accounts. The act is set to take effect on July 1, 2025.