Committee approves measure aligning bank authority with Supreme Court rules on lawyer trust accounts

Representative Koster told the committee HB 893 provides clarity and legal authority for banks to hold law firm trust account funds for purposes approved by the Florida Supreme Court, and mandates that banks pay interest or dividends on those accounts in line with court rules. "The bill mandates that the financial institutions pay interest or dividends on these trust accounts, aligning statutory requirements with the Florida Supreme Court's rules," Koster said.

Christopher Hodge (Florida Credit Union Association) and Anthony DeMarco (Florida Bankers Association) recorded support; DeMarco thanked the sponsor for stakeholder work and described the measure as a compromise. Representative Koster noted the bill had been worked on with stakeholders and closed by thanking the committee. The committee then voted to report HB 893 favorably.