The bill establishes a new section, 655.97, in the Florida Statutes, which outlines the requirements for financial institutions holding funds in lawyer or law firm trust accounts. It mandates that these institutions must pay a minimum interest rate of at least 0.25% if the Federal Funds Effective Rate is below 4%, and at least 0.5% if it is 4% or higher. Additionally, financial institutions are required to submit a quarterly rate validation sheet and affidavit to the Chief Financial Officer, confirming that they will pay the specified interest rates on these trust accounts, and that the information provided is accurate.

This legislation aims to ensure that the interest rates on trust accounts are competitive and fair, aligning with the rates offered on comparable business or consumer accounts. The Chief Financial Officer is tasked with verifying the submitted information to maintain regulatory oversight. The bill is a response to recent changes in the Florida Supreme Court's rules regarding interest on trust accounts, which have resulted in significant revenue increases for legal aid programs in the state. The act will take effect upon becoming law.