Florida Statutes Title XXXVIII Chapter 657 - Credit Unions

• 657.001 - Short Title.
  This chapter may be cited as the “Florida Credit Union Act.”History.—ss. 1, 6, ch. 80-258; ss. 2, 3, ch. 81-318; s. 1, ch. 91-307; s....
• 657.002 - Definitions.
  As used in this chapter:(1) “Capital” means shares, deposits, and equity.(2) “Corporate credit union” means any credit union organized pursuant to any state or federal act for...
• 657.003 - Purposes.
  A credit union is a cooperative, nonprofit association, organized under this chapter, for the purposes of encouraging thrift among its members, creating sources of credit...
• 657.005 - Application For Authority To Organize A Credit Union; Investigation.
  (1) The proposed organizers of the proposed credit union shall file with the office an application, upon such form as the commission may, by rule, prescribe.(2) Any...
• 657.0061 - Amendments To Bylaws.
  (1) All bylaw amendments must be submitted to the office. The office shall approve or disapprove bylaw amendments within 60 days after receipt. The office shall...
• 657.008 - Place Of Doing Business.
  (1) A credit union authorized to transact business pursuant to the laws of this state shall have one principal place of doing business as designated in...
• 657.021 - Board Of Directors; Executive Committee.
  (1) The credit union shall have a board of directors consisting of at least five directors to be elected from the members in the manner and...
• 657.022 - Executive Officers.
  (1) At the organizational meeting and within 31 days following each annual meeting of the members, the directors shall hold the annual meeting of the board...
• 657.023 - Membership.
  (1) Upon payment of any required entrance or membership fee, payment of shares as required by the bylaws, and compliance with the bylaws, any person within...
• 657.024 - Membership Meetings.
  (1) The members shall receive timely notice of the annual meeting and any special meetings of the members, which shall be held at the time, place,...
• 657.026 - Supervisory Or Audit Committee.
  (1) There shall be a supervisory or audit committee of at least three members, which may be elected by the membership or appointed by the board,...
• 657.0265 - Liability Of Credit Union Directors, Supervisory Committee Members, Or Audit Committee Members.
  (1) A director of a credit union organized under state or federal law, or a member of the supervisory or audit committee of such credit union,...
• 657.027 - Credit Committee And Credit Manager.
  (1) The board of directors may appoint or the members may elect, as provided in the bylaws, a credit committee composed of at least three members,...
• 657.028 - Activities Of Directors, Officers, Committee Members, Employees, And Agents.
  (1) An individual may not disburse funds of the credit union for any extension of credit approved by her or him.(2) An elected officer, director, or committee...
• 657.031 - Powers.
  (1) When not in direct conflict with or superseded by specific provisions of the financial institutions codes, the general powers authorized to corporations in s. 607.0302...
• 657.033 - Accounts.
  (1) Shares may be paid for and transferred in such manner as the bylaws prescribe. At such intervals and for such periods as the board of...
• 657.0335 - Additional Power To Restrict Withdrawals.
  In extraordinary circumstances external to the operations of the credit union which threaten the continued existence and operation of the credit union, the office may...
• 657.038 - Loan Powers.
  (1) A credit union may extend credit to members for such purpose and upon such security and terms as the credit committee, credit manager, or loan...
• 657.039 - Loan Powers; Extension Of Credit To Directors And Certain Others.
  (1) A credit union may extend credit to its executive officers, directors, credit manager, members of its supervisory, audit, and credit committees, provided:(a) The extension of credit...
• 657.041 - Insurance; Employee Benefit Plans.
  (1) A credit union may purchase for or make available to its members credit life insurance, credit disability insurance, life savings or depositors life insurance, or...
• 657.042 - Investment Powers And Limitations.
  A credit union may invest its funds subject to the following definitions, restrictions, and limitations:(1) INVESTMENTS NOT SUBJECT TO LIMITATIONS.—There is no limitation with respect to...
• 657.043 - Reserves.
  (1) ALLOWANCE FOR LOAN LOSSES ACCOUNT.—The credit union shall maintain an account for loan and lease losses. The amount in the account should be consistent with...
• 657.053 - Assessments; State Credit Unions.
  Each state credit union shall pay to the office a semiannual assessment equal to $500 plus 15 cents for each $1,000 of total assets. The...
• 657.062 - Conservatorship.
  (1) The office may appoint the National Credit Union Administration as conservator over a credit union to take possession and control of the property, assets, and...
• 657.063 - Involuntary Liquidation.
  (1) If the office finds that any credit union is insolvent or imminently insolvent; is transacting its business in an unsound, unsafe, or unauthorized manner such...
• 657.064 - Voluntary Liquidation.
  A credit union may elect to dissolve voluntarily and liquidate its affairs in the following manner:(1) Before considering any resolution pertaining to voluntary liquidation by the...
• 657.065 - Merger.
  (1) Upon the filing of an application with the office by the constituent credit unions, and upon approval by the office, credit unions may be merged...
• 657.066 - Conversion From State Credit Union To Federal Credit Union And Conversely.
  Any credit union organized under this chapter may convert into a federal credit union and any federal credit union may convert into a credit union...

Last modified: September 23, 2016