Sen. Erin Grall

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, has cleared its first legislative hurdle.

SB 1336, by Sen. Erin Grall, R-Vero Beach, passed out of the Senate Banking and Insurance Committee January 22 by a vote of 8-2.