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financial institutions chartered in the State of Florida. Fla.
Stat. Ann. secs. 655.012, 655.005, 665.012 (West 1984).
Under the Florida financial institutions code, chapter 655
applies to financial institutions generally and provides for
“general regulatory powers to be exercised by the Department of
Banking and Finance in relation to the regulation of financial
institutions”. Fla. Stat. Ann. sec. 655.001 (West 1984).
However, the statutory framework for banks is found in chapter
658, while chapter 665 provides guidance to associations. Fla.
Stat. Ann. secs. 658.165, 665.0211, 665.0501, 665.0711 (West
1984). As defined in chapter 658, the term “bank” does not
include an association. Fla. Stat. Ann. sec. 658.12 (West 1984).
An “association” is defined as a mutual or capital stock savings
association, savings and loan association, building and loan
association, or savings bank. Fla. Stat. Ann. sec. 665.012 (West
1984). The name of every “association” must include either the
words “savings association”, “savings bank”, or “savings and loan
association”. Fla. Stat. Ann. sec. 665.0211 (West 1984).
Chapter 665 also requires associations to invest at least
50 percent of nonliquid assets in real estate loans or interests
in home property or primarily residential property. Fla. Stat.
Ann. sec. 665.0711 (West 1984). The absence of the same
requirement for banks and trusts under chapter 658 demonstrates
the distinction between financial institutions chartered as
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