Trust Fund Interest for Purposes Approved by the Supreme Court

Added tiered minimum interest rates: 0.25% if Federal Funds Effective Rate is less than 4%, and 0.5% if 4% or greater, replacing the single 0.25% minimum.

Updated the rate validation affidavit to explicitly require attestation of the new tiered minimum rates based on Federal Funds Effective Rate.

Changed committee assignments from Banking and Insurance; Judiciary to Rules; Banking and Insurance; Judiciary, and updated bill version from c2 to c3.

Removed the option for financial institutions to select the second interest rate alternative based on 25% of the federal funds target rate, now requiring payment of the highest comparable rate or minimum 0.25%.

Simplified the rate validation sheet requirements by removing the two-subparagraph structure for the first alternative and consolidating the attestation language.

Added explicit minimum interest rate floor of 0.25 percent to prevent rates from falling below this threshold even when comparable accounts offer lower rates.

Changed bill header format and committee attribution from Judiciary-only to include Banking and Insurance committees, reflecting broader review.

Changed the bill title and subject from 'Interest on Trust Accounts Program interest rates' to 'Lawyer or law firm trust account interest rates' to reflect broader applicability beyond just IOTA accounts.

Added requirement for financial institutions to submit both a rate validation sheet AND an affidavit attesting to the truthfulness of submitted information by the tenth day of each quarter.

Added requirement for the Chief Financial Officer to verify that rate validation sheets and affidavits have been received by the Department of Financial Services.

Changed the second rate alternative calculation from 'federal funds target rate' to 'federal funds target rate determined by the Federal Open Market Committee of the Federal Reserve System' for greater specificity.

Broadened the beneficiary description from 'Funding Florida Legal Aid (FFLA)' to 'an entity established by the Supreme Court for the purpose of providing or facilitating the provision of free legal services to low-income individuals or for other purposes authorized by the Supreme Court'.

Removed specific quarterly establishment dates (December 1, March 1, June 1, September 1) for rate alternatives from the main text, moving them to subsection (b)(1) for better organization.