summary
Introduced
01/04/2024
01/04/2024
In Committee
01/10/2024
01/10/2024
Crossed Over
Passed
Dead
03/08/2024
03/08/2024
Introduced Session
Potential new amendment
2024 Regular Session
Bill Summary
An act relating to interest on trust accounts; creating s. 655.97, F.S.; requiring the Chief Financial Officer to set the rate of interest payable by eligible institutions on interest on trust accounts quarterly, effective on specified dates; providing that the percentage yield of such rate may not exceed a specified threshold; requiring the Chief Financial Officer to inform Funding Florida Legal Aid of the rate established for the quarter; providing applicability; authorizing eligible institutions to pay an annual percentage yield that is the greater of specified interest rates or dividends on specified accounts under specified circumstances; requiring that such institutions submit to Funding Florida Legal Aid a certain form promulgated by The Florida Bar; providing an effective date.
AI Summary
This bill requires the Chief Financial Officer to set the interest rate on interest on trust accounts (IOTA) in Florida quarterly, with the rate being the higher of 68% of the federal funds rate or 0.25%. The annual percentage yield of this rate cannot exceed 2.55%. The bill also allows eligible institutions to pay a higher rate that is the greater of the highest rate they offer to non-IOTA customers or 0.25%, if they submit a form to Funding Florida Legal Aid. The bill takes effect on July 1, 2024.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Died in Appropriations Committee on Agriculture, Environment, and General Government (on 03/08/2024)
Taxonomy
Banking, Finance, and Domestic Commerce
- ‐ Banking System and Financial Institution Regulation and Reform
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.flsenate.gov/Session/Bill/2024/1336 | 01/04/2024 |
| Analysis - Banking and Insurance (Post-Meeting) | https://www.flsenate.gov/Session/Bill/2024/1336/Analyses/2024s01336.bi.PDF | 01/23/2024 |
| https://www.flsenate.gov/Session/Bill/2024/1336/Amendment/878516/HTML | 01/19/2024 | |
| Analysis - Banking and Insurance (Pre-Meeting) | https://www.flsenate.gov/Session/Bill/2024/1336/Analyses/2024s01336.pre.bi.PDF | 01/19/2024 |
| BillText | https://www.flsenate.gov/Session/Bill/2024/1336/BillText/Filed/HTML | 01/04/2024 |
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