Florida Banking April/May 2026

The 2026 Session Ends without a Budget GOVERNMENT RELATIONS

establishes a regulatory framework for virtual currency kiosks and protects users of kiosks by requiring: • a virtual currency kiosk business (except licensed money transmitters) to comply with registration requirements, and updating disciplinary actions and unlicensed activities sections to apply to registered entities: the total dollar amount of all transactions per customer each calendar day be limited to $2,000 for new customers and $10,000 for existing customers; • a customer to be provided with the choice of a physical or electronic receipt; and, • a full refund in specified circumstances. We thank Rep. Owens and Sen. Rouson for this good bill to fight fraud. The FBA will continue to work on fraud legislation in the 2027 Session. Please let us know of any issues you would like us to address. Trusts – Safe Deposit Boxes House Bill 1337 was introduced after the Florida Supreme Court commissioned a task force to study probate personal representatives’ interaction with financial institutions. In part the bill: increases the maximum amount of funds in a qualified account held by a financial institution which may be distributed to a family member using affidavit procedures from $1,000 to $2,000; requires financial institutions to grant personal representatives access to a decedent’s safe deposit box and allows them to pay any accumulated charges for, and terminate, the safe deposit box lease; and, authorizes

This year’s Session ended Friday, March 13, but it has not concluded. Unfortunately, the Legislature was unable to pass a budget for the 2026-27 fiscal year. They must return at a future date to pass the budget. What we do know is the Legislature will return on April 20 for a special session called by Gov. DeSantis to work on congressional redistricting. The Legislature could address the budget and property taxes at that time. We will keep you informed. Regardless of the Legislature’s inability to pass a budget, the FBA had a good Session. Two of the bills we worked on passed and will go to the Governor for his approval: IOTA House Bill 893 passed early in the Session. The bill sets the rates for IOTA accounts at the Wall Street Journal Prime Rate in effect on the first business day of each month, less 300 basis points, or 3.0 percent, with a minimum floor rate of 0.25 percent and a maximum ceiling rate of 1.5 percent, net fees. We thank Sen. Erin Grall for this compromise legislation. We also thank the House sponsor Rep. Traci Koster and two others who were instrumental last Session to get us to this point – Reps. Robbie Brackett and Randy Maggard. The bill will become law on July 1, if signed by the Governor. We also await the Florida Supreme Court’s adoption of an identical Florida Bar rule to replace the current IOTA rates. Virtual Currency Kiosks House Bill 505 is legislation the FBA was engaged in to thwart fraud. The bill

ANTHONY DIMARCO FBA EXECUTIVE VICE PRESIDENT AND DIRECTOR OF GOVERNMENT AFFAIRS “

The FBA had a good Session. Two of the bills we worked on passed and will go to the Governor for his approval. ”

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