H1253: Interest on Trust Accounts

Legislative Summary

Requires CFO to set rate of interest payable by eligible institutions on interest on trust accounts quarterly, effective on specified dates; provides that percentage yield of such rate may not exceed specified threshold; requires CFO to inform Funding Florida Legal Aid of rate established for quarter; authorizes eligible institutions to pay annual percentage yield that is greater of specified interest rates or dividends on specified accounts; requires that such institutions submit to Funding Florida Legal Aid certain form promulgated by The Florida Bar.