Trust Fund Interest for Purposes Approved by Supreme Court

Plain English Breakdown

The official source material does not specify the exact amount of interest that must be paid each month, only the range within which it falls.

Trust Fund Interest for Purposes Approved by Supreme Court

This law allows financial institutions to hold money in special trust accounts used for purposes approved by the Supreme Court and requires these institutions to pay interest on this money, which must be used for free legal services or other approved uses.

What This Bill Does

• Allows financial institutions to hold funds in specified trust accounts used for purposes expressly authorized by Supreme Court rule.
• Requires certain entities to use interest and dividends from these accounts for specified purposes.
• Requires certain financial institutions to pay specified interest on the balance of deposited funds.

Who It Names or Affects

• Lawyers and law firms who have trust accounts with financial institutions.
• Financial institutions that hold these trust accounts.
• Low-income individuals who may receive free legal services from the funds generated by this act.

Terms To Know

Trust Account

A special bank account where money is kept safe for a specific purpose, often used by lawyers to hold client funds.

Interest

Money earned on an amount deposited in a bank or other financial institution over time.

Limits and Unknowns

• The law only applies to trust accounts for lawyers and does not cover all types of trust accounts.
• It is unclear how much interest will be generated and used for free legal services.

Official Summary Text

Trust Fund Interest for Purposes Approved by Supreme Court; Authorizes financial institutions to hold funds in specified trust accounts used for specified purposes expressly authorized by Supreme Court rule; requires certain entities to use interest & dividends for specified purposes; requires certain financial institutions to pay specified interest or dividends.

Current Bill Text

ENROLLED
HB 893 2026 Legislature

CODING: Words stricken are deletions; words underlined are additions.
hb893 -00-er
Page 1 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

1
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
11
Be It Enacted by the Legislature of the State of Florida: 12
13
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