Florida Senate - 2025                             CS for SB 1466
       
       
        
       By the Committee on Banking and Insurance; and Senator DiCeglie
       
       
       
       
       
       597-03076-25                                          20251466c1
    1                        A bill to be entitled                      
    2         An act relating to trust funds; creating s. 215.55861,
    3         F.S.; creating the My Safe Florida Home Trust Fund
    4         within the Department of Financial Services;
    5         specifying sources of funds and the purpose of the
    6         trust fund; requiring that a certain percentage of
    7         specified insurance premium tax be distributed into
    8         the fund; requiring the Department of Revenue to
    9         distribute certain funds within a specified timeframe;
   10         specifying that any balance shall remain in the trust
   11         fund under certain circumstances; prohibiting the
   12         balance in the trust fund from exceeding a certain
   13         amount; requiring that any excess funds be transferred
   14         to the General Revenue Fund; requiring the department
   15         to ensure compliance with certain provisions and
   16         provide a specified report to the Legislature at a
   17         specified time annually; providing for future review
   18         and termination or re-creation of the trust fund;
   19         providing an effective date.
   20          
   21  Be It Enacted by the Legislature of the State of Florida:
   22  
   23         Section 1. Section 215.55861, Florida Statutes, is created
   24  to read:
   25         215.55861 My Safe Florida Home Trust Fund.—
   26         (1) The My Safe Florida Home Trust Fund is created within
   27  the Department of Financial Services. The trust fund shall
   28  consist of funds collected pursuant to subsection (2), to be
   29  used exclusively for the purposes of the My Safe Florida Home
   30  Program.
   31         (2) Following a declaration of a state of emergency by the
   32  Governor, an amount equal to 20 percent of the insurance premium
   33  tax collected pursuant to ss. 252.372, 624.4625, and 624.509
   34  624.519 shall be distributed to the My Safe Florida Home Trust
   35  Fund. The department shall distribute the funds to the My Safe
   36  Florida Home Trust Fund no later than the end of the third month
   37  after the month landfall took place.
   38         (3) Notwithstanding s. 216.301 and pursuant to s. 216.351,
   39  any balance in the trust fund at the end of any fiscal year
   40  shall remain in the trust fund at the end of the year and shall
   41  be available for carrying out the purpose of the trust fund.
   42         (4) The balance in the trust may not exceed $300 million at
   43  any time. Any funds in excess of this amount shall be
   44  transferred to the General Revenue Fund.
   45         (5) The Department of Financial Services shall ensure
   46  compliance with this section and provide an annual report on
   47  fund balances and any transfers made pursuant to this section.
   48  The report must be delivered to the President of the Senate and
   49  the Speaker of the House of Representatives by February 1 of
   50  each year.
   51         (6) In accordance with s. 19(f)(2), Art. III of the State
   52  Constitution, the trust fund shall, unless terminated sooner, be
   53  terminated on July 1, 2029. Before its scheduled termination,
   54  the trust fund shall be reviewed as provided in s. 215.3206(1)
   55  and (2).
   56         Section 2. This act shall take effect July 1, 2025.