The bill establishes a new section, 655.97, in the Florida Statutes, which pertains to interest rates for lawyer or law firm trust accounts. It authorizes financial institutions to hold funds in interest-bearing trust accounts and mandates that these institutions pay a minimum interest rate based on the Federal Funds Effective Rate. Specifically, if the Federal Funds Effective Rate is below 4 percent, the minimum interest rate must be at least 0.25 percent; if it is 4 percent or higher, the minimum must be at least 0.5 percent. Additionally, financial institutions are required to submit a quarterly rate validation sheet and affidavit to the Chief Financial Officer, confirming that the interest rates paid on these trust accounts are consistent with those offered on comparable accounts.

The bill aims to ensure that the interest rates for these trust accounts are competitive and fair, thereby supporting the provision of free legal services to low-income individuals and other purposes authorized by the Supreme Court. The Chief Financial Officer is tasked with verifying the submitted information to ensure compliance. This legislative action follows a recent change by the Florida Supreme Court that increased interest rates for these accounts, resulting in significant revenue for legal aid programs. The bill is set to take effect upon becoming law.