Title: My Safe Florida Home Trust Fund/Department of Financial Services

Summary: Creating the My Safe Florida Home Trust Fund within the Department of Financial Services; requiring that a certain percentage of specified insurance premium tax be distributed into the fund; providing for future review and termination or re-creation of the trust fund, etc.

Full Text:
An act relating to trust funds; creating s. 215.55861, F.S.; creating the My Safe Florida Home Trust Fund within the Department of Financial Services; specifying sources of funds and the purpose of the trust fund; requiring that a certain percentage of specified insurance premium tax be distributed into the fund; requiring the Department of Revenue to distribute certain funds within a specified timeframe; specifying that any balance shall remain in the trust fund under certain circumstances; prohibiting the balance in the trust fund from exceeding a certain amount; requiring that any excess funds be transferred to the General Revenue Fund; requiring the department to ensure compliance with certain provisions and provide a specified report to the Legislature at a specified time annually; providing for future review and termination or re-creation of the trust fund; providing an effective date. Be It Enacted by the Legislature of the State of Florida: Section 1. Section 215.55861, Florida Statutes, is created to read: 215.55861 My Safe Florida Home Trust Fund.  (1)   The My Safe Florida Home Trust Fund is created within the Department of Financial Services. The trust fund shall consist of funds collected pursuant to subsection (2), to be used exclusively for the purposes of the My Safe Florida Home Program. (2)   Following a declaration of a state of emergency by the Governor, an amount equal to percent of the insurance premium tax collected pursuant to ss. 252.372,624.4625,and 624.509 624.519 shall be distributed to the My Safe Florida Home Trust Fund. The department shall distribute the funds to the My Safe Florida Home Trust Fund no later than the end of the third month after the month landfall took place. (3)   Notwithstanding s. 216.301 and pursuant to s. 216.351, any balance in the trust fund at the end of any fiscal year shall remain in the trust fund at the end of the year and shall be available for carrying out the purpose of the trust fund. (4)   The balance in the trust may not exceed $300 million at any time. Any funds in excess of this amount shall be transferred to the General Revenue Fund. (5)   The Department of Financial Services shall ensure compliance with this section and provide an annual report on fund balances and any transfers made pursuant to this section. The report must be delivered to the President of the Senate and the Speaker of the House of Representatives by February of each year. (6)   In accordance with s. 19(f)(2), Art. III of the State Constitution, the trust fund shall, unless terminated sooner, be terminated on July 1, 2029. Before its scheduled termination, the trust fund shall be reviewed as provided in s. 215.3206(1) and (2). Section 2. This act shall take effect July 1, 2025.