The bill establishes a new section, 655.97, in the Florida Statutes, which pertains to the interest rates on trust accounts held by financial institutions for lawyers or law firms. It authorizes these institutions to maintain interest-bearing trust accounts, with the requirement that they remit interest or dividends to an entity designated by the Supreme Court for the provision of free legal services to low-income individuals. The bill mandates that the interest rate paid on these accounts must be at least the highest rate available for comparable business or consumer accounts, with specific minimum rates set based on the Federal Funds Effective Rate: 0.25% if the rate is below 4% and 0.5% if it is 4% or higher.

Additionally, the bill requires financial institutions to submit a quarterly rate validation sheet and affidavit to the Chief Financial Officer, confirming that they will pay the specified minimum interest rates. The affidavit must attest to the accuracy of the rate information provided, and the Chief Financial Officer is tasked with verifying the receipt of these documents. The bill clarifies that it does not apply to interest rates established by written contracts or obligations unrelated to the specified trust accounts. The act is set to take effect upon becoming law.