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 […]
657.005 – Application for Authority to Organize a Credit Union; Investigation.
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 five or more residents of this state who represent a limited field of membership may apply to the office for […]
657.0061 – Amendments to Bylaws.
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 approve the proposed bylaw amendment unless it finds that the amendment: (a) Is not in the best interest of the membership; (b) Is not in accord with sound credit […]
657.008 – Place of Doing Business.
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 its bylaws and where legal process may be served. A credit union may change its place of business through an amendment to its bylaws. (2) Following 30 […]
657.021 – Board of Directors; Executive Committee Responsibilities; Oaths; Reports to the Office.
657.021 Board of directors; executive committee responsibilities; oaths; reports to the office.— (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 for such terms as prescribed in the bylaws. (2) Within the 30 days following the annual meeting or any other […]
657.022 – Executive Officers.
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 of directors and elect from their own number a presiding officer, who may be designated as chair of the board or president; one or more vice chairs or […]
657.023 – Membership.
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 the limited field of membership of a credit union may be admitted to its membership. (2) Members of the credit union shall not be personally or individually liable for payment […]
657.024 – Membership Meetings.
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, and in the manner provided in the bylaws. (2) Each member shall have one vote. Ballots may be distributed in advance to the entire membership as prescribed in the […]
657.026 – Supervisory or Audit Committee.
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, or the board may appoint an audit committee of directors in the manner prescribed in the bylaws. An officer or employee may not serve on the […]
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 […]
657.028 – Activities of Directors, Officers, Committee Members, Employees, and Agents.
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 member, other than the chief executive officer, may not be compensated for her or his service as such. (3) Except with […]
657.031 – Powers.
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 extend to credit unions formed under this chapter. This section shall be liberally construed to accomplish the purposes stated herein. (2) Except as provided in s. 607.0304 or specific provisions […]
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 […]
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, […]
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 […]