In Re: Amendments to Rules Regulating the Florida Bar – Rule 5-1.1
The Florida Supreme Court amended Rule Regulating the Florida Bar 5-1.1(g)(5), the IOTA program minimum interest rate provision, replacing the prior complex tiered structure with a simplified formula tied to the Wall Street Journal Prime Rate less 300 basis points, with a 0.25% floor and 1.50% ceiling. The amendment tracks newly enacted Florida legislation (HB 893, 2026) and takes effect June 30, 2026. Justice Tanenbaum dissented, arguing the Court's regulation of interest rates paid by financial institutions exceeds its constitutional rulemaking authority over lawyer admission and discipline.
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