657.053 – Assessments; State Credit Unions.
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 amounts of all assessments provided for in this section shall be deemed to be maximum amounts. The commission has the authority to establish, by rule, and from […]
657.062 – Conservatorship.
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 business of its member credit union and to operate it subject to the directions of the office whenever: (a) The office finds that the credit union: 1. Is engaging or has […]
657.063 – Involuntary Liquidation.
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 that it is threatened with imminent insolvency, and liquidation is in the best interest of the members; or is undercapitalized and has no reasonable prospect of becoming adequately […]
657.064 – Voluntary Liquidation.
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 board of directors, the credit union must inform the office and the National Credit Union Administration of the time and place of the meeting of the board of […]
657.065 – Merger.
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 with a surviving state credit union, as prescribed in this code, except that the action by a merging federal credit union must be taken in the manner prescribed by, […]
657.0265 – Liability of Credit Union Directors, Supervisory Committee Members, or Audit Committee Members.
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, is not personally liable for monetary damages to the credit union, its members, or any other persons for […]
657.027 – Credit Committee and Credit Manager.
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, for such terms as the bylaws provide. (a) The credit committee shall have the general supervision of all applications for credit by members, pursuant to written […]
657.001 – Short Title.
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. 1, ch. 92-303; s. 141, ch. 2004-5.
657.002 – Definitions.
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 the purpose of serving other credit unions. (3) “Correspondent” means that person designated on an application to organize a credit union as the person to whom all correspondence regarding […]
657.003 – Purposes.
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 at fair and reasonable rates of interest, and providing an opportunity for its members to use and control their resources on a democratic basis in order to improve their economic […]