657.033 – Accounts.
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 directors may authorize, and after provisions are made for the required reserves, the board of directors may declare dividends, to be paid from the undivided earnings at such rates […]
658.19 – Application for Authority to Organize a Bank or Trust Company.
658.19 Application for authority to organize a bank or trust company.— (1) A written application for authority to organize a banking corporation or a trust company shall be filed with the office by the proposed directors and shall include: (a) The name, residence, and occupation of each proposed director. (b) The proposed corporate name. (c) The total initial capital, the […]
657.0335 – Additional Power to Restrict Withdrawals.
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 restrict withdrawals for a period not to exceed 60 days. History.—ss. 1, 6, ch. 80-258; ss. 2, 3, ch. 81-318; s. 1, ch. 91-307; s. 1, […]
658.20 – Investigation by Office.
658.20 Investigation by office.— (1) Upon the filing of an application, the office shall make an investigation of: (a) The character, reputation, financial standing, business experience, and business qualifications of the proposed officers and directors. (b) The need for bank or trust facilities or additional bank or trust facilities, as the case may be, in the primary service area […]
657.038 – Loan Powers.
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 officer approves, pursuant to written loan policies established by the board of directors, or as may otherwise be provided by law. (2) For credit unions that have been opened […]
657.039 – Loan Powers; Extension of Credit to Directors and Certain Others.
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 complies with all requirements under this chapter with respect to credit extended to other borrowers and is not on […]
657.041 – Insurance; Employee Benefit Plans.
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 any other insurance coverage which may be directly related to the extension of credit or to the receipt of shares or deposits in amounts related to […]
657.042 – Investment Powers and Limitations.
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 the capital of the investing credit union on the following investments: (a) Direct obligations of the United States Government. (b) Obligations of agencies created by the United States […]
657.043 – Reserves.
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 applicable United States generally accepted accounting principles and industry guidance provided by regulatory agencies or as required by the office. The account must be provided for before paying a […]
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 […]