Florida SB 1000: Trust Fund Interest for Purposes Approved by the Supreme Court

Bill Text

1000 
Trust Fund Interest for Purposes Approved by the Supreme Court 
2025-12-23T03:13:59Z 
Authorizing financial institutions to hold funds in specified trust accounts used for specified purposes expressly authorized by Supreme Court rule; requiring certain entities to use interest and dividends for specified purposes; requiring certain financial institutions to pay specified interest or dividends, etc. 
Original Filed Version 
2026 
S 
2026-07-01T00:00:00Z 
GB 
General Bill 
__ 

 Florida Senate - 2026 SB 1000 

 By Senator Grall 

 29-01212D-26 20261000__ 
 1 A bill to be entitled 
 2 An act relating to trust fund interest for purposes 
 3 approved by the Supreme Court; creating s. 655.98, 
 4 F.S.; authorizing financial institutions to hold funds 
 5 in specified trust accounts used for specified 
 6 purposes expressly authorized by Supreme Court rule; 
 7 requiring certain entities to use interest and 
 8 dividends for specified purposes; requiring certain 
 9 financial institutions to pay specified interest or 
 10 dividends; providing an effective date. 
 11 
 12 Be It Enacted by the Legislature of the State of Florida: 
 13 
 14 Section 1. Section 655.98, Florida Statutes, is created to 
 15 read: 
 16 655.98 Lawyer or law firm trust account interest rates.—A 
 17 financial institution may hold funds in an interest-bearing 
 18 trust account of a lawyer or law firm in which the institution 
 19 remits interest or dividends on the balance of the deposited 
 20 funds to an entity established by the Supreme Court. Such entity 
 21 shall use the interest or dividends to provide or facilitate the 
 22 provision of free legal services to low-income individuals or 
 23 for such other purposes as may be expressly authorized by rule 
 24 of the Supreme Court. If the financial institution holds such an 
 25 account, it must pay, net of all fees and charges assessed by 
 26 the financial institution, interest or dividends at the Wall 
 27 Street Journal prime rate in effect on the first business day of 
 28 each month, less 300 basis points, with a floor of 0.25 percent 
 29 and a ceiling of 1.5 percent. 
 30 Section 2. This act shall take effect July 1, 2026.