The bill establishes a new section, 655.98, 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 and mandates that they remit the interest or dividends earned on these accounts to an entity designated by the Supreme Court. This entity is responsible for using the funds to provide or facilitate free legal services for low-income individuals or for other purposes as specified by Supreme Court rules.

Additionally, the bill stipulates that financial institutions must pay interest or dividends on these accounts at a rate determined by the Wall Street Journal prime rate, minus 300 basis points, with a minimum interest rate of 0.25 percent and a maximum of 1.5 percent. The act is set to take effect on July 1, 2026.