Florida HB 893: Trust Fund Interest for Purposes Approved by Supreme Court

Bill Text

ENROLLED
HB 893 2026 Legislature

CODING: Words stricken are deletions; words underlined are additions.
hb893 -00-er
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S

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An act relating to trust fund interest for purposes 2
approved by the Supreme Court; creating s. 655.98, 3
F.S.; authorizing financial institutions to hold funds 4
in specified trust accounts used for specified 5
purposes expressly authorized by Supreme Court rule; 6
requiring certain entities to use interest and 7
dividends for specified purposes; requiring certain 8
financial institutions to pay specified interest or 9
dividends; providing an effective date. 10
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Be It Enacted by the Legislature of the State of Florida: 12
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Section 1. Section 655.98 Florida Statutes, is created to 14
read: 15
655.98 Lawyer or law firm trust account interest rates.—A 16
financial institution may hold funds in an interest-bearing 17
trust account of a lawyer or law firm in which the institution 18
remits interest or dividends on the balance of the deposited 19
funds to an entity established by the Supreme Court. Such entity 20
shall use the interest or dividends to provide or facilitate the 21
provision of free legal services to low-income individuals or 22
for such other purposes as may be expressly authorized by rule 23
of the Supreme Court. If the financial institution holds such an 24
account, it must pay, net of all fees and charges assessed by 25

ENROLLED
HB 893 2026 Legislature

CODING: Words stricken are deletions; words underlined are additions.
hb893 -00-er
Page 2 of 2
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S

the financial institution, interest or dividends at the Wall 26
Street Journal prime rate in effect on the first business day of 27
each month, less 300 basis points, with a floor of 0.25 percent 28
and a ceiling of 1.5 percent. 29
Section 2. This act shall take effect July 1, 2026. 30