Florida H0893 establishes rules for interest on trust accounts held by financial institutions for lawyers or law firms.

Florida H0893 creates a statute allowing financial institutions to hold funds in interest-bearing trust accounts for lawyers or law firms. These accounts remit interest or dividends to an entity established by the Supreme Court. The entity uses these funds to provide free legal services to low-income individuals or for other purposes authorized by Supreme Court rules. Financial institutions must pay interest or dividends at the Wall Street Journal prime rate minus 300 basis points, with a minimum of 0.25 percent and a maximum of 1.5 percent. The act takes effect July 1, 2026.

Florida H0893 establishes rules for interest on trust accounts held by financial institutions for lawyers or law firms.

Florida H0893 creates a statute allowing financial institutions to hold funds in interest-bearing trust accounts for lawyers or law firms. These accounts remit interest or dividends to an entity established by the Supreme Court. The entity uses these funds to provide free legal services to low-income individuals or for other purposes authorized by Supreme Court rules. Financial institutions must pay interest or dividends at the Wall Street Journal prime rate minus 300 basis points, with a minimum of 0.25 percent and a maximum of 1.5 percent. The act takes effect July 1, 2026.