FL H0893

Creates Section 655.98, Florida Statutes, authorizing financial institutions to hold funds in interest-bearing trust accounts of lawyers or law firms

Interest or dividends from these accounts must be remitted to an entity established by the Florida Supreme Court to provide free legal services to low-income individuals or other purposes authorized by Supreme Court rule

Financial institutions holding such accounts must pay interest at the Wall Street Journal prime rate minus 300 basis points, with a minimum floor of 0.25% and maximum ceiling of 1.5%

Interest rate is calculated based on the prime rate in effect on the first business day of each month, net of all fees and charges

Effective date: July 1, 2026