Florida Senate - 2025                        COMMITTEE AMENDMENT
       Bill No. CS for CS for SB 498
       
       
       
       
       
       
                                Ì690360~Î690360                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  04/08/2025           .                                
                                       .                                
                                       .                                
                                       .                                
       —————————————————————————————————————————————————————————————————




       —————————————————————————————————————————————————————————————————
       The Committee on Rules (Grall) recommended the following:
       
    1         Senate Substitute for Amendment (869322) (with title
    2  amendment)
    3  
    4         Delete lines 68 - 80
    5  and insert:
    6  holds such an account, it must pay at least the highest interest
    7  rate or dividend generally available from the institution to its
    8  comparable business or consumer accounts or nonmaturing deposit
    9  accounts, provided that the trust account meets or exceeds the
   10  same minimum balance or other account requirements. The trust
   11  account interest rate must be at least 0.25 percent when the
   12  Federal Funds Effective Rate is less than 4.00 percent. The
   13  trust account interest rate must be at least 0.50 percent when
   14  the Federal Funds Effective Rate is 4.00 percent or greater.
   15         (a) The financial institution must submit a rate validation
   16  sheet and affidavit to the Chief Financial Officer by the tenth
   17  day of each quarter attesting that it will pay at least the same
   18  interest rate or dividend on the lawyer or law firm trust
   19  accounts that it is paying on its comparable business or
   20  consumer accounts or nonmaturing deposit accounts and that the
   21  rate will be at least 0.25 percent when the Federal Funds
   22  Effective Rate is less than 4.00 percent or at least 0.50
   23  percent when the Federal Funds Effective Rate is 4.00 percent or
   24  greater.
   25  
   26  ================= T I T L E  A M E N D M E N T ================
   27  And the title is amended as follows:
   28         Delete lines 7 - 12
   29  and insert:
   30         a certain minimum interest rate or dividend; requiring
   31         the interest rate to be at least a specified
   32         percentage; requiring a financial institution to
   33         submit a rate validation sheet and affidavit to the
   34         Chief Financial Officer attesting it will pay a
   35         minimum certain interest rate or dividend; requiring
   36         that the