The bill establishes a new section, 655.97, in the Florida Statutes, which authorizes financial institutions to hold funds in interest-bearing trust accounts for lawyers or law firms. These accounts are intended to provide or facilitate free legal services to low-income individuals or for other purposes approved by the Supreme Court. Financial institutions are required to pay a minimum interest rate of 0.25% if the Federal Funds Effective Rate is below 4%, and 0.5% if it is 4% or higher. Additionally, institutions must 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 regulatory safety, fairness, and sustainability in the interest rates for these trust accounts, particularly in light of recent changes by the Florida Supreme Court that have led to higher interest payments to the Funding Florida Legal Aid (FFLA). The Chief Financial Officer is tasked with verifying the information submitted by financial institutions, ensuring compliance with the new requirements. The act will take effect upon becoming law.