Two state lawmakers have filed legislation that would have the state’s chief financial officer set the rates paid on the lawyer IOTA accounts, instead of a recently enacted Florida Supreme Court rule requiring lawyers to keep their trust accounts in institutions that tie interest rates for IOTA accounts to specific indexed rate points.

Sen. Erin Grall says the IOTA rule as it stands “limits an attorney’s ability to bank at the institution that best meets the needs of their firm and clients, and this bill provides an alternative solution, mitigating the tangible and adverse consequences to Florida’s banks and legal practices.” 

The rules governing the Interest on Trust Accounts Program, which generates funds used to provide grants to legal aid organizations that provide civil legal assistance to low-income Floridians, is overseen by the Supreme Court, which regulates the legal profession.