The bill establishes a new section, 655.97, in the Florida Statutes, which outlines the interest rates applicable to 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 two options 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%, net of fees. 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 regulatory safety, fairness, and sustainability for 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 upon becoming law.