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The Florida Statutes

The 2001 Florida Statutes

Banks And Banking
Chapter 657
Credit Unions
View Entire Chapter
Section 657.002, Florida Statutes 2001

657.002  Definitions.--As used in this part:

(1)  "Capital" means shares, deposits, and equity.

(2)  "Central credit union" means a credit union the membership of which includes, but is not limited to, other credit unions, members of credit unions, credit union employees, employees of organizations serving credit unions, and the families of such members.

(3)  "Corporate credit union" means any central credit union organized pursuant to any state or federal act for the purpose of serving other credit unions.

(4)  "The corporation" means the Florida Credit Union Guaranty Corporation, Inc.

(5)  "Correspondent" means that person designated on an application to organize a credit union as the person to whom all correspondence regarding the application should be sent.

(6)  "Credit union" means any cooperative society organized pursuant to this part.

(7)  "Department" means the Department of Banking and Finance.

(8)  "Deposits" means that portion of the capital paid into the credit union by members on which a contractual rate of interest will be paid.

(9)  "Equity" means undivided earnings, reserves, and allowance for loan losses.

(10)  "Foreign credit union" means a credit union organized and operating under the laws of another state.

(11)  "Immediate family" means parents, children, spouse, or surviving spouse of the member, or any other relative by blood, marriage, or adoption.

(12)  "Limited field of membership" means the defined group of persons designated as eligible for membership in the credit union who:

(a)  Have a similar profession, occupation, or formal association with an identifiable purpose; or

(b)  Reside within an identifiable neighborhood, community, rural district, or county; or

(c)  Are employed by a common employer; or

(d)  Are employed by the credit union; and

members of the immediate family of persons within such group.

(13)  "Shares" means that portion of the capital paid into the credit union by members on which dividends may be paid.

(14)  "Unimpaired capital" means capital which is not impaired by losses that exceed applicable reserves.

History.--ss. 1, 6, ch. 80-258; ss. 2, 3, ch. 81-318; ss. 7, 58, ch. 85-82; s. 1, ch. 91-307; ss. 1, 77, ch. 92-303.

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