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Commerce Committee backs bill clarifying attorney trust fund interest uses
Summary
The House Commerce Committee reported HB 893 favorably after Representative Coster said the bill aligns attorney trust fund account use with a Florida Supreme Court rule; Florida Credit Union Association waived support. Committee members praised stakeholder collaboration.
Representative Coster, sponsor of HB 893, told the Commerce Committee the bill updates Florida law so attorney trust fund accounts are managed and used only for purposes expressly authorized by a Florida Supreme Court rule. "HB 893 updates Florida law to ensure that attorney trust fund accounts are properly managed," Coster said.
The bill aims to remove uncertainty about permissible uses of interpleader and interest‑on‑trust‑account (IOTA) funds and to align statutory language with the Supreme Court’s rule, the sponsor said. Christopher Hodge of the Florida Credit Union Association waived in support.
Committee members praised the sponsor for working with stakeholders. Representative Maggard said he appreciated the cross‑stakeholder dialogue and announced his support. Representative Duggan and Representative Salzman also thanked the sponsor for resolving a difficult issue.
The committee voted to report HB 893 favorably. The measure moves to the next step in the House process for further consideration.
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