Florida IOTA Compliance: Rate Rule and the HB 893 Veto

Florida calls its trust account interest program IOTA (Interest on Trust Accounts). This page covers two specific, currently relevant facts about it — the interest rate formula in Rule 5-1.1(g), and a 2026 bill that tried to change how that interest can be used and didn’t become law — not the whole of Florida trust accounting requirements.

The current rate rule: Rule 5-1.1(g)

Rule 5-1.1(g) of the Rules Regulating Trust Fund Accounts sets the interest rate formula financial institutions must pay on IOTA accounts. Institutions that choose to offer and maintain IOTA accounts must pay, net of fees, the Wall Street Journal Prime Rate in effect on the first business day of each month, less 300 basis points (3.00%), with a floor of 0.25% and a ceiling of 1.50%.

HB 893 (2026) and the June 30, 2026 veto

HB 893 (2026), titled “Trust Fund Interest for Purposes Approved by Supreme Court,” passed both chambers of the Florida Legislature. It would have required financial institutions holding IOTAs to pay interest at that same Wall Street Journal Prime-based formula, but at the statutory level rather than only by Bar rule — and it would have allowed interest earned to be used for purposes the Florida Supreme Court approves, rather than being limited to funding legal aid for low-income Floridians.

Governor Ron DeSantis vetoed HB 893 on June 30, 2026. Because of the veto, HB 893 did not become law, and Rule 5-1.1(g) remains the operative rule.

[À VÉRIFIER : au-delà de la formule de taux (Rule 5-1.1(g)) et du veto de HB 893, aucune autre exigence IOTA de Floride n’est documentée sur cette page — notamment les modalités d’inscription des institutions financières éligibles, les obligations de reporting des cabinets, ou les motifs détaillés du veto. Ne pas déduire d’exhaustivité de ce silence.]