Florida Senate - 2023                                    SB 1526
       
       
        
       By Senator Davis
       
       
       
       
       
       5-01364-23                                            20231526__
    1                        A bill to be entitled                      
    2         An act relating to trust funds; creating the Emergency
    3         Residential Property Insurance Assistance Trust Fund
    4         within the Department of Financial Services; providing
    5         the purpose of the trust fund; providing for the
    6         funding and administration of the trust fund;
    7         providing for eligibility for financial assistance
    8         from the trust fund; providing for future review and
    9         termination or re-creation of the trust fund;
   10         providing an effective date.
   11          
   12  Be It Enacted by the Legislature of the State of Florida:
   13  
   14         Section 1. (1) There is created within the Department of
   15  Financial Services the Emergency Residential Property Insurance
   16  Assistance Trust Fund to provide financial assistance to
   17  homeowners who can demonstrate financial need or an inability to
   18  pay their homeowners insurance as rates increase.
   19         (2) The trust fund shall consist of $500 million of the
   20  state reserves.
   21         (3) Until the Legislature can provide permanent solutions
   22  to keep people in their homes, a homeowner who has a total
   23  annual household income that does not exceed $250,000 before
   24  taxes is eligible for financial assistance from the trust fund.
   25         (4) The department shall administer the trust fund.
   26         (5) In accordance with s. 19(f)(2), Article III of the
   27  State Constitution, the trust fund shall, unless terminated
   28  sooner, be terminated on July 1, 2027. Before its scheduled
   29  termination, the trust fund shall be reviewed as provided in s.
   30  215.3206(1), Florida Statutes.
   31         Section 2. This act shall take effect July 1, 2023.