reglab/statecodes huggingface dataset:
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 655 - Financial Institutions Generally › 655.935 - Search Procedure on Death of Lessee.

655.935 Search procedure on death of lessee.—If satisfactory proof of the death of the lessee is presented, a lessor shall permit the person named in a court order for that purpose, or if no order has been served upon the lessor, the spouse, a parent, an adult descendant, or a person named as a personal representative in a copy of a purported will produced by such person, to open and examine the contents of a safe-deposit box leased or coleased by a decedent, or any documents delivered by a decedent for safekeeping, in the presence of an officer of the lessor.
(1) If requested by such person, the lessor shall remove and deliver only:
(a) Any writing purporting to be a will of the decedent, to the court having probate jurisdiction in the county in which the financial institution is located.
(b) Any writing purporting to be a deed to a burial plot or to give burial instructions, to the person making the request for a search.
(c) Any document purporting to be an insurance policy on the life of the decedent, to the beneficiary named therein.
(2) The officer of the lessor shall make a complete copy of any document removed and delivered pursuant to this section and place that copy, together with a memorandum of delivery identifying the name of the officer, the person to whom the document was delivered, the purported relationship of the person to whom the document was delivered, and the date of delivery, in the safe-deposit box leased or coleased by the decedent.
(3) The lessor may charge reasonable fees to cover costs incurred pursuant to this section.
(4) Access granted pursuant to this section is not considered the initial opening of the safe-deposit box pursuant to s. 733.6065.
History.—s. 65, ch. 92-303; s. 1, ch. 2006-134; s. 67, ch. 2006-213; s. 2, ch. 2010-132.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 655 - Financial Institutions Generally › 655.936 - Delivery of Safe-Deposit Box Contents or Property Held in Safekeeping to Personal Representative.

655.936 Delivery of safe-deposit box contents or property held in safekeeping to personal representative.—
(1) Subject to the provisions of subsection (3), the lessor shall immediately deliver to a personal representative appointed by a court in this state, upon presentation of a certified copy of his or her letters of authority, all property deposited with it by the decedent for safekeeping, and shall grant the personal representative access to any safe-deposit box in the decedent’s name and permit him or her to remove from such box any part or all of the contents thereof.
(2) If a personal representative of a deceased lessee has been appointed by a court of any other state, a lessor may, at its discretion, after 3 months from the issuance to such personal representative of his or her letters of authority, deliver to such personal representative all properties deposited with it for safekeeping and the contents of any safe-deposit box in the name of the decedent if at such time the lessor has not received written notice of the appointment of a personal representative in this state, and such delivery is a valid discharge of the lessor for all property or contents so delivered. A personal representative appointed by a court of any other state shall furnish the lessor with an affidavit setting forth facts showing the domicile of the deceased lessee to be other than this state and stating that there are no unpaid creditors of the deceased lessee in this state, together with a certified copy of his or her letters of authority. A lessor making delivery pursuant to this subsection shall maintain in its files a receipt executed by such personal representative which itemizes in detail all property so delivered.
(3) Notwithstanding the provisions of subsection (1), after the death of a lessee of a safe-deposit box, the lessor shall permit the initial opening of the safe-deposit box and the removal of the contents of the safe-deposit box in accordance with s. 733.6065.
(4) A lessor is not liable for damages or penalty by reason of any delivery made pursuant to this section.
History.—s. 66, ch. 92-303; s. 531, ch. 97-102; s. 12, ch. 97-240; s. 3, ch. 2001-226; s. 2, ch. 2006-134; s. 68, ch. 2006-213.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 655 - Financial Institutions Generally › 655.937 - Access to Safe-Deposit Boxes Leased in Two or More Names.

655.937 Access to safe-deposit boxes leased in two or more names.—
(1) Unless specifically provided in the lease or rental agreement to the contrary,
1
if a safe-deposit box is rented or leased in the names of two or more lessees, access to the safe-deposit box will be granted to:
(a) Either or any of such lessees, regardless of whether or not the other lessee or lessees or any of them are living or competent.
(b) Subject to s. 655.933, those persons named in s. 655.933.
(c) Subject to s. 655.935, those persons named in s. 655.935.
(d) Subject to s. 733.6065, the personal representative of the estate of either or any of such lessees who is deceased, or the guardian of the property of either or any of such lessees who is incapacitated.
(2) In all cases described in subsection (1), the signature on the safe-deposit entry or access record, or the receipt or acquittance, in the case of property or documents otherwise held for safekeeping, is a valid and sufficient release and discharge to the lessor for granting access to such safe-deposit box or for the delivery of such property or documents otherwise held for safekeeping.
(3) A lessor may not be held liable for damages or penalty by reason of any access granted or delivery made pursuant to this section.
(4) The right of access by a colessee is separate from the rights and responsibilities of other persons who may be granted access to a safe-deposit box after the death or incapacity of another colessee, and such right of access is not subject to the provisions of s. 655.935, s. 733.6065, or other requirements imposed upon personal representatives, guardians, or other fiduciaries.
(5) After the death of a colessee, the surviving colessee or any other person who is granted access to the safe-deposit box pursuant to this section may make a written inventory of the box, which must be conducted by the person making the request in the presence of one other person as specified in this subsection. Each person present shall verify the contents of the box by signing a copy of the inventory under penalty of perjury.
(a) If the person making the written inventory is a surviving colessee, the other person may be any other person granted access pursuant to this section, an employee of the institution where the box is located, or an attorney licensed in this state.
(b) If the person making the written inventory is not a surviving colessee, the other person may be a surviving colessee, an employee of the institution where the box is located, or an attorney licensed in this state.
History.—s. 67, ch. 92-303; s. 3, ch. 2006-134; s. 69, ch. 2006-213.
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Note.—As amended by s. 69, ch. 2006-213. The amendment by s. 3, ch. 2006-134, added the word “when” instead of “if.”
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 655 - Financial Institutions Generally › 655.938 - Adverse Claims to Contents of Safe-Deposit Box.

655.938 Adverse claims to contents of safe-deposit box.—
(1) An adverse claim to the contents of a safe-deposit box, or to property held in safekeeping, is not sufficient to require the lessor to deny access to its lessee unless:
(a) The lessor is directed to do so by a court order issued in an action in which the lessee is served with process and named as a party by a name which identifies the lessee with the name in which the safe-deposit box is leased or the property held; or
(b) The safe-deposit box is leased or the property is held in the name of a lessee with the addition of words indicating that the contents or property are held in a fiduciary capacity, and the adverse claim is supported by a written statement of facts disclosing that it is made by, or on behalf of, a beneficiary and that there is reason to know that the fiduciary will misappropriate the trust property.
(2) A claim is also an adverse claim if one of several lessees claims, contrary to the terms of the lease, an exclusive right of access, or if one or more persons claim a right of access as agents or officers of a lessee to the exclusion of others as agents or officers, or if it is claimed that a lessee is the same person as one using another name.
History.—s. 68, ch. 92-303.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 655 - Financial Institutions Generally › 655.939 - Limiting Right of Access for Failure to Comply With Security Procedures.

655.939 Limiting right of access for failure to comply with security procedures.—If any individual who has a right of access to a safe-deposit box is unwilling or unable for any reason or cause to comply with any of the lessor’s normal requirements or procedures in connection with such access relating to security, safety, or protection, the lessor has the right to limit or deny access to the safe-deposit box by such individual unless all lessees of such safe-deposit box take such action as is necessary to ensure reasonable compliance with such security, safety, or protection requirements or procedures.
History.—s. 69, ch. 92-303.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 655 - Financial Institutions Generally › 655.94 - Special Remedies for Nonpayment of Rent.

655.94 Special remedies for nonpayment of rent.—
(1) If the rental due on a safe-deposit box has not been paid for 3 months, the lessor may send a notice by certified mail to the last known address of the lessee stating that the safe-deposit box will be opened and its contents stored at the expense of the lessee unless payment of the rental is made within 30 days. If the rental is not paid within 30 days from the mailing of the notice, the box may be opened in the presence of an officer of the lessor and of a notary public. The contents shall be sealed in a package by a notary public who shall write on the outside the name of the lessee and the date of the opening. The notary public shall execute a certificate reciting the name of the lessee, the date of the opening of the box, and a list of its contents. The certificate shall be included in the package, and a copy of the certificate shall be sent by certified mail to the last known address of the lessee. The package shall then be placed in the general vaults of the lessor at a rental not exceeding the rental previously charged for the box. The lessor has a lien on the package and its contents to the extent of any rental due and owing plus the actual, reasonable costs of removing the contents from the safe-deposit box.
(2) If the contents of the safe-deposit box have not been claimed within 1 year after the mailing of the certificate, the lessor may send a further notice to the last known address of the lessee stating that, unless the accumulated charges are paid within 30 days, the contents of the box will be sold at public auction at a specified time and place or, in the case of securities listed on a stock exchange, will be sold upon the exchange on or after a specified date and unsalable items will be destroyed. The time, place, and manner of sale shall also be posted conspicuously on the premises of the lessor and advertised once in a newspaper of general circulation in the community. If the articles are not claimed, they may then be sold in accordance with the notice. The balance of the proceeds, after deducting accumulated charges, including the expenses of advertising and conducting the sale, shall be deposited to the credit of the lessee in any account maintained by the lessee, or, if none, shall be deemed a deposit account with the financial institution operating the safe-deposit facility, and shall be identified on the books of the financial institution as arising from the sale of contents of a safe-deposit box.
(3) Any documents or writings of a private nature, and having little or no apparent value, need not be offered for sale, but shall be retained, unless claimed by the owner, for the period specified for unclaimed contents, after which they may be destroyed.
History.—s. 70, ch. 92-303; s. 12, ch. 2004-340; s. 95, ch. 2004-390.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 655 - Financial Institutions Generally › 655.942 - Standards of Conduct; Institutions.

655.942 Standards of conduct; institutions.—
(1) A financial institution that is licensed or authorized to do business pursuant to the financial institutions codes, or its officers, directors, or employees may not make or grant any loan or gratuity to any employee of the office who has authority to examine or otherwise supervise such financial institution.
(2) A financial institution which violates this section shall be subject to penalties as provided in s. 655.041.
History.—s. 71, ch. 92-303; s. 32, ch. 99-155; s. 1735, ch. 2003-261.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 655 - Financial Institutions Generally › 655.943 - Applications; Verification.

655.943 Applications; verification.—All information required by the financial institutions codes or rule of the commission to be furnished in conjunction with applications to form, acquire or acquire assets of, merge, or change control of a financial institution must be verified by the office by all reasonable means available. The office shall conduct a detailed review of all financial information provided by an applicant, including a review of assets totaling 5 percent or more of the applicant’s net worth.
History.—s. 72, ch. 92-303; s. 1736, ch. 2003-261.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 655 - Financial Institutions Generally › 655.946 - Single Interest Insurance Placed by Financial Institutions.

655.946 Single interest insurance placed by financial institutions.—
(1) If a financial institution purchases, or causes to be issued, insurance coverage to protect its security interest in a loan or indebtedness, and pursuant to contract or other agreement the borrower is responsible for payment of the premium, the financial institution must notify the borrower within 30 days after such purchase or issuance, in writing sent by first-class mail, of the following:
(a) The financial institution has purchased or caused to be issued an insurance policy which covers only its property interest which is the security for the loan or indebtedness.
(b) The borrower may avoid any additional premium charges by purchasing an acceptable dual interest insurance policy within 30 days after this notice, which shall terminate the single interest policy as of the effective date of the dual interest policy, and that any unearned premium paid will be returned, plus interest.
(2) This section does not apply to single interest insurance policies which provide coverage for property which is in transit or for conversion, embezzlement, or secretion by the borrower.
History.—s. 73, ch. 92-303.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 655 - Financial Institutions Generally › 655.947 - Debt Cancellation Products.

655.947 Debt cancellation products.—
(1) Debt cancellation products may be offered, and a fee may be charged, by financial institutions and subsidiaries of financial institutions subject to this section and the rules and orders of the commission or office. As used in this section, the term “financial institutions” includes those defined in s. 655.005, insured depository institutions as defined in 12 U.S.C. s. 1813, and subsidiaries of such institutions.
(2) A financial institution shall manage the risks associated with debt cancellation products in accordance with prudent safety and soundness principles. A financial institution shall establish and maintain effective risk management and control processes over its debt cancellation products and programs. Such processes shall include appropriate recognition and financial reporting of income, expenses, assets, and liabilities and appropriate treatment of all expected and unexpected losses associated with the products. Each financial institution shall also assess the adequacy of its internal control and risk mitigation activities in view of the nature and scope of its debt cancellation products and programs.
(3) The commission shall adopt rules pursuant to ss. 120.536(1) and 120.54 to administer this section, which rules must be consistent with 12 C.F.R. part 37, as amended.
(4) For the purposes of this section and any rules adopted pursuant to this section, a periodic payment option is not required to be offered for any debt cancellation product designed to protect a customer against a deficiency between the outstanding loan or lease amount and the value of the motor vehicle that is used as collateral for the loan or lease.
History.—s. 10, ch. 2008-75; s. 14, ch. 2011-194.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 655 - Financial Institutions Generally › 655.949 - Personnel; Qualifications.

655.949 Personnel; qualifications.—The office shall establish and publish educational, professional, and other appropriate qualifications for each position in the office authorized to participate in the regulation of financial institutions, including positions with the authority to overrule the actions or decisions of professional examiners or legal staff in their exercise of their duties under the financial institutions codes. Such qualifications shall contain at a minimum sufficient experience and expertise in the regulation of financial institutions as to clearly justify the exercise of authority to overrule the actions or decisions of professional examiners or legal staff.
History.—s. 74, ch. 92-303; s. 1738, ch. 2003-261.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 655 - Financial Institutions Generally › 655.954 - Financial Institution Loans; Credit Cards.

655.954 Financial institution loans; credit cards.—
(1) Notwithstanding any other provision of law, a financial institution shall have the power to make loans or extensions of credit to any person on a credit card or overdraft financing arrangement and to charge, in any billing cycle, interest on the outstanding amount at a rate that is specified in a written agreement, between the financial institution and borrower, governing the credit card account. Such credit card agreement may modify any terms or conditions of such credit card account upon prior written notice of such modification as specified by the terms of the agreement governing the credit card account or by the Truth in Lending Act, 15 U.S.C. ss. 1601 et seq., as amended, and the rules and regulations adopted under such act. Any such notice provided by a financial institution shall specify that the borrower has the right to surrender the credit card whereupon the borrower shall have the right to continue to pay off the borrower’s credit card account in the same manner and under the same terms and conditions as then in effect. The borrower’s failure to surrender the credit card prior to the modifications becoming effective shall constitute a consent to the modifications.
(2) In conjunction with entering into any contract or agreement for a loan, line of credit, or loan extension, a financial institution, insured depository institution as defined in 12 U.S.C. s. 1813, and subsidiaries of such institutions may offer, for a fee or otherwise, optional debt cancellation products pursuant to s. 655.947 and rules adopted under that section. The financial institution may not require the purchase of a debt cancellation product as a condition for making the loan, line of credit, or loan extension.
(3) For the purpose of this section, the term:
(a) “Billing cycle” has the same meaning as ascribed to it under the federal Truth in Lending Act, 15 U.S.C. ss. 1601 et seq., as amended, and the associated regulations which are in effect as of January 31, 2008.
(b) “Interest” means those charges considered a finance charge under the federal Truth in Lending Act, 15 U.S.C. ss. 1601 et seq., as amended, and the associated regulations which are in effect as of January 31, 2008.
History.—s. 1, ch. 69-339; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 10, 15, ch. 79-274; s. 1, ch. 79-592; ss. 40, 151, 152, ch. 80-260; ss. 2, 3, ch. 81-318; s. 1, ch. 88-58; ss. 1, 4, ch. 91-307; ss. 1, 212, ch. 92-303; s. 11, ch. 2008-75.
Note.—Former s. 659.181; s. 658.50.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 655 - Financial Institutions Generally › 655.955 - Liability of Financial Institution to Third Parties.

655.955 Liability of financial institution to third parties.—A financial institution is not civilly liable to a third party for the actions or operations of a person solely by virtue of extending a loan or a line of credit to such person. This section does not modify, limit, or restrict the authority of a state agency under applicable law to conduct an investigation, bring a civil or administrative action, or otherwise enforce state or federal laws against a financial institution.
History.—s. 17, ch. 2014-91.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 655 - Financial Institutions Generally › 655.961 - Violation of Specified Provisions Not Negligence per Se.

655.961 Violation of specified provisions not negligence per se.—A violation of the provisions of ss. 655.960-655.965 or any regulation made pursuant thereto does not constitute negligence per se.
History.—s. 1, ch. 94-343; s. 84, ch. 2000-158.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 655 - Financial Institutions Generally › 655.962 - Lighting; Mirrors; Landscaping.

655.962 Lighting; mirrors; landscaping.—
(1) Each operator, or other person responsible for an automated teller machine pursuant to ss. 655.960-655.965, shall provide lighting during the hours of darkness with respect to an open and operating automated teller machine and any defined parking area, access area, and the exterior of an enclosed automated teller machine installation, as follows:
(a) There shall be a minimum of 10 candlefoot power at the face of the automated teller machine and extending in an unobstructed direction outward 5 feet.
(b) There shall be a minimum of 2 candlefoot power within 50 feet in all unobstructed directions from the face of the automated teller machine. If the automated teller machine is located within 10 feet of the corner of the building and the automated teller machine is generally accessible from the adjacent side, there shall be a minimum of 2 candlefoot power along the first 40 unobstructed feet of the adjacent side of the building.
(c) There shall be a minimum of 2 candlefoot power in that portion of the defined parking area within 60 feet of the automated teller machine.
(2) The operator shall provide reflective mirrors or surfaces at each automated teller machine which provide the customer with a rear view while the customer is engaged in using the automated teller machine.
(3) The operator, or other person responsible pursuant to ss. 655.960-655.965 for an automated teller machine, shall ensure that the height of any landscaping, vegetation, or other physical obstructions in the area required to be lighted pursuant to subsection (1) for any open and operating automated teller machine shall not exceed 3 feet, except that trees trimmed to a height of 10 feet and whose diameters are less than 2 feet and manmade physical obstructions required by statute, law, code, ordinance, or other governmental regulation shall not be affected by this subsection.
History.—s. 1, ch. 94-343; s. 85, ch. 2000-158; s. 14, ch. 2001-64.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 655 - Financial Institutions Generally › 655.963 - Access Devices.

655.963 Access devices.—Customers receiving access devices shall be furnished by the respective issuers thereof with such information regarding safety precautions as the commission may require by rule. This information shall be furnished by personally delivering or mailing the information to each customer whose mailing address as to the account to which the access device relates is in this state. Such information shall be furnished with respect to access devices issued on or after October 1, 1994, at or before the time the customer is furnished with his or her access device. With respect to a customer to whom an “accepted access device,” as defined in Federal Reserve Board Regulation E, 12 C.F.R. part 205, has been issued prior to October 1, 1994, the information shall be delivered on or before 6 months from October 1, 1994. Only one notice need be furnished per household, and if access devices are furnished to more than one customer for a single account or set of accounts or on the basis of a single application or other request for access devices, only a single notice need be furnished in satisfaction of the notification responsibilities as to those customers. The information may be included with other disclosures related to the access device furnished to the customer, such as with any initial or periodic disclosure statement furnished pursuant to the Electronic Fund Transfer Act.
History.—s. 1, ch. 94-343; s. 1739, ch. 2003-261.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 655 - Financial Institutions Generally › 655.964 - Application.

655.964 Application.—
(1) The provisions of ss. 655.961 and 655.962 do not apply to any automated teller machine which is:
(a) Located inside of a building, unless it is a freestanding installation which exists for the sole purpose of providing an enclosure for the automated teller machine.
(b) Located inside a building, except to the extent a transaction can be conducted from outside the building.
(c) Located in any area, including any access area, building, enclosed space, or parking area which is not controlled by the operator.
(2) The provisions of ss. 655.960-655.965 shall not be construed to create any duty, responsibility, or obligation for any person or entity whose primary function is to provide for the exchange, transfer, or dissemination of electronic funds transfer data and is not otherwise a financial institution, as defined in s. 655.005, or an operator.
History.—s. 1, ch. 94-343.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 655 - Financial Institutions Generally › 655.965 - Preemption; Prohibition.

655.965 Preemption; prohibition.—Except as expressly provided, the provisions of this section and ss. 655.960-655.964 supersede and preempt all rules, regulations, codes, or ordinances of any city, county, municipality, or other political subdivision of this state, and of any local agency regarding customer safety at automated teller machines located in this state.
History.—s. 1, ch. 94-343.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 655 - Financial Institutions Generally › 655.966 - Automated Teller Machine; Surcharge Disclosure.

655.966 Automated teller machine; surcharge disclosure.—
(1) The operator or owner of an automated teller machine in this state may charge an access fee or surcharge to a customer for the use of that machine. The fee or surcharge must be disclosed in compliance with 12 C.F.R. part 205, as amended.
(2)(a) Subject to the requirements of subsection (1), an agreement to operate or share an automated teller machine may not prohibit, limit, or restrict the right of the operator or owner of an automated teller machine, as defined in s. 655.960(3), to charge an access fee or surcharge, not otherwise prohibited under state or federal law, to a customer conducting a transaction using an account from an international banking corporation as defined in s. 663.01(6).
(b) Notwithstanding paragraph (a), this section does not prohibit or otherwise limit the ability of an operator or owner of an automated teller machine to voluntarily enter into an agreement regarding participation in an access fee-free or surcharge-free network.
History.—s. 1, ch. 2006-216; s. 1, ch. 2008-166.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 655 - Financial Institutions Generally › 655.967 - State-Funded Endowments.

655.967 State-funded endowments.—A state-mandated endowment funded through a general appropriations act prior to 1990 may be maintained in trust accounts in financial institutions as defined in s. 655.005.
History.—s. 9, ch. 2008-75.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 657 - Credit Unions › 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.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 657 - Credit Unions › 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 the application should be sent.
(4) “Credit union” means any cooperative society organized pursuant to this chapter.
(5) “Deposits” means that portion of the money placed into the credit union by members on which interest may be paid.
(6) “Equity” means undivided earnings, regular reserves, and other reserves.
(7) “Foreign credit union” means a credit union organized and operating under the laws of another state.
(8) “Immediate family” means parents, children, spouse, or surviving spouse of the member, or any other relative by blood, marriage, or adoption.
(9) “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;
(b) Live or work within an identifiable neighborhood, community, rural district, or county;
(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.
(10) “Shares” means the money placed into the credit union by members on which dividends may be paid.
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; s. 1740, ch. 2003-261; s. 142, ch. 2004-5; s. 7, ch. 2005-181.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 657 - Credit Unions › 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 and social condition.
History.—ss. 1, 6, ch. 80-258; ss. 2, 3, ch. 81-318; s. 1, ch. 91-307; s. 1, ch. 92-303.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 657 - Credit Unions › 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 union practices;
(c) Exposes the assets of the credit union to unnecessary risks; or
(d) Is not in compliance with applicable statutes or rules.
(2) The commission may, by rule, allow certain bylaw amendments that are ministerial in nature to become effective immediately upon filing with the office.
History.—s. 80, ch. 92-303; s. 1742, ch. 2003-261; s. 9, ch. 2005-181.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 657 - Credit Unions › 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 one or more vice presidents, as the case may be; a treasurer; and a secretary. The treasurer and the secretary may be the same individual. The persons so elected shall be the executive officers of the organization.
(2) The terms of the executive officers shall be 1 year, or until their successors are chosen and have duly qualified.
(3) The duties of the executive officers shall be prescribed in the bylaws.
History.—ss. 1, 6, ch. 80-258; ss. 2, 3, ch. 81-318; s. 1, ch. 91-307; s. 1, ch. 92-303; s. 534, ch. 97-102; s. 12, ch. 2005-181.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 657 - Credit Unions › 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 of the debts of the credit union.
(3) A credit union may close the account and terminate the membership of any member whose actions have resulted in any financial loss to the credit union or for good cause.
(4) Denial of membership hereunder shall not be considered to be a denial of credit.
History.—ss. 1, 6, ch. 80-258; ss. 2, 3, ch. 81-318; ss. 6, 46, ch. 82-214; s. 1, ch. 91-307; ss. 1, 83, ch. 92-303; s. 13, ch. 2005-181.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 657 - Credit Unions › 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 bylaws. No person shall exercise the vote of any other member.
(3) Any organization, association, or corporation having membership may be represented and have its vote cast by its delegated agent.
(4) The members shall elect the board of directors and other committees prescribed in the bylaws and transact such other business as the bylaws permit.
History.—ss. 1, 6, ch. 80-258; ss. 2, 3, ch. 81-318; s. 1, ch. 91-307; s. 1, ch. 92-303; s. 14, ch. 2005-181.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 657 - Credit Unions › 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 supervisory or audit committee.
(2) The supervisory or audit committee may audit, or cause to be audited, the financial statements of the credit union to determine compliance with policy, to ensure that generally accepted accounting principles are consistently applied, and to ensure an adequate system of internal controls.
(3) The supervisory or audit committee shall:
(a) Make or cause to be made a comprehensive annual audit of the credit union, in accordance with the rules of the commission.
(b) Make or cause to be made such supplementary audits or examinations as it deems necessary or as are requested by the board of directors or the office.
(c) Submit a report of every required audit or examination within a reasonable time to the board of directors with a copy to the office and the National Credit Union Administration.
(d) Make a summary report, to the membership at the annual meeting, of any audits or examinations conducted during the preceding year.
(4) The supervisory or audit committee shall notify the board of directors, the office, and the National Credit Union Administration of any violation of this chapter, any violation of the certificate of authorization or bylaws of the credit union, or any practice of the credit union deemed by the supervisory or audit committee to materially affect, or which may potentially materially affect, the safety and soundness of the credit union.
For the purposes of this subsection, two-thirds of the members of the supervisory or audit committee constitutes a quorum.
History.—ss. 1, 6, ch. 80-258; ss. 2, 3, ch. 81-318; s. 1, ch. 82-46; ss. 11, 58, ch. 85-82; ss. 1, 2, ch. 91-307; ss. 1, 2, 84, ch. 92-303; s. 1745, ch. 2003-261; s. 144, ch. 2004-5; s. 15, ch. 2005-181.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 657 - Credit Unions › 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 any statement, vote, decision, or failure to act, regarding the management or policy of the credit union, unless:
(a) The director or the member of the supervisory or audit committee breached or failed to perform her or his duties as a director or as a member of the supervisory or audit committee; and
(b) The breach or failure to perform by the director or the member of the supervisory or audit committee constitutes:
1. A violation of the criminal law, unless the director or the member of the supervisory or audit committee had reasonable cause to believe her or his conduct was lawful or had no reasonable cause to believe her or his conduct was unlawful. A judgment or other final adjudication against a director or a member of a supervisory or audit committee in any criminal proceeding for a violation of the criminal law estops that director or member of the supervisory or audit committee from contesting the fact that her or his breach or failure to perform constitutes a violation of the criminal law, but does not estop the director or member of the supervisory or audit committee from establishing that she or he had reasonable cause to believe that her or his conduct was lawful or had no reasonable cause to believe that her or his conduct was unlawful;
2. A transaction from which the director or the member of the supervisory or audit committee derived an improper personal benefit, either directly or indirectly; or
3. Recklessness or an act or omission which was committed in bad faith or with malicious purpose or in a manner exhibiting wanton and willful disregard of human rights, safety, or property.
(2) For the purposes of this section, the term “recklessness” means the acting, or omission to act, in conscious disregard of a risk that is:
(a) Known, or so obvious that it should have been known, to the director or member of the supervisory or audit committee; and
(b) So great as to make it highly probable that harm would follow from such action or omission.
History.—s. 7, ch. 87-245; s. 1, ch. 91-307; ss. 1, 85, ch. 92-303; s. 535, ch. 97-102.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 657 - Credit Unions › 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 policies established by the board of directors.
(b) The credit committee shall meet as often as the business of the credit union requires and not less frequently than once a month to consider applications for credit. No credit shall be extended unless it is approved by a majority of a quorum of the committee. A quorum shall consist of not less than a majority of the entire committee.
(c) The credit committee may appoint one or more loan officers and delegate to them the power to approve or disapprove credit subject to such limitations or conditions as the credit committee prescribes. Credit applications not acted upon by a loan officer shall be reviewed and acted upon by the credit committee.
(2) In lieu of a credit committee, the board of directors may provide for a credit manager to approve or disapprove credit under written conditions prescribed by the board and as provided in the bylaws. The board of directors may designate and empower the chief executive officer as the credit manager, or may authorize the chief executive officer to employ a credit manager. In the event a credit manager is designated or employed, the procedures prescribed in subsection (1) do not apply, and no credit shall be extended unless approved by the credit manager; except that the credit manager may appoint one or more loan officers with the power to approve or disapprove credit, subject to such limitations or conditions as prescribed by the chief executive officer.
History.—ss. 1, 6, ch. 80-258; s. 442, ch. 81-259; ss. 2, 3, ch. 81-318; s. 1, ch. 82-46; ss. 12, 58, ch. 85-82; ss. 1, 2, ch. 91-307; ss. 1, 2, 86, ch. 92-303; s. 16, ch. 2005-181.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 657 - Credit Unions › 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 the prior approval of the office, a person may not serve as an officer, director, or committee member of a credit union if she or he:
(a) Has been convicted of a felony or of an offense involving dishonesty, a breach of trust, a violation of this chapter, or fraud;
(b) Has been adjudicated bankrupt within the previous 7 years;
(c) Has been removed by any regulatory agency as a director, officer, committee member, or employee of a financial institution;
(d) Has performed acts of fraud or dishonesty, or has failed to perform duties, resulting in a loss that was subject to a paid claim under a fidelity bond;
(e) Has been found guilty of a violation of s. 655.50, relating to the control of money laundering and terrorist financing; chapter 896, relating to offenses related to financial transactions; or similar state or federal law; or
(f) Has defaulted on a debt or obligation to a financial institution which resulted in a material loss to the financial institution.
(4) A person may not serve as a director of a credit union if she or he is an employee of the credit union, other than the chief executive officer of the credit union.
(5) A director, officer, committee member, agent, or employee of the credit union may not in any manner, directly or indirectly, participate in the deliberation upon or the determination of any question affecting her or his pecuniary interest or the pecuniary interest of any corporation, partnership, or association, other than the credit union, in which she or he or a member of her or his immediate family is directly or indirectly interested.
History.—ss. 1, 6, ch. 80-258; ss. 2, 3, ch. 81-318; s. 1, ch. 91-307; ss. 1, 87, ch. 92-303; s. 536, ch. 97-102; s. 1746, ch. 2003-261; s. 17, ch. 2005-181; s. 19, ch. 2014-91; s. 8, ch. 2022-178.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 657 - Credit Unions › 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 of the financial institutions codes, the validity of a credit union’s action, including, but not limited to, any conveyance, transfer, or encumbrance of real or personal property to or by a credit union, may not be challenged on the ground that the credit union lacks or lacked power to act.
(3) A credit union formed under this chapter shall operate as a financial institution, consistent with the provisions of chapter 655 and this chapter, and may exercise such incidental powers as are necessary or required to effectively carry out the purposes for which the credit union was organized, provided the exercise of powers is approved by rule or order of the commission or office.
History.—ss. 1, 6, ch. 80-258; ss. 2, 3, ch. 81-318; ss. 5, 46, ch. 82-214; ss. 13, 58, ch. 85-82; s. 1, ch. 91-307; ss. 1, 88, ch. 92-303; s. 1747, ch. 2003-261; s. 145, ch. 2004-5; s. 18, ch. 2005-181.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 657 - Credit Unions › 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 and upon such classes of shares as are determined by the board.
(2) The credit union may require not more than 60 days’ notice of a member’s intention to withdraw shares and deposits.
(3) A credit union may receive deposits from its members and contract to pay interest thereon, subject to conditions the board of directors establishes and subject to rules of the commission.
(4) The credit union shall have a lien and right of setoff on the shares, deposits, and accumulated dividends or interest in any member’s individual, joint, or trust account for any sum due the credit union from that member.
(5) When there has not been any activity generated by the member on the account for 12 months, such account shall be considered a dormant account and shall be placed under an accounting control system.
(6) If the owner of a dormant account, a person named on the account, or the beneficiary of the account has not had any activity with a credit union for 5 years and the whereabouts of those interested parties are unknown to the credit union, that account is unclaimed or abandoned property and shall be maintained pursuant to chapter 717.
(7) A credit union may receive shares and deposits from its members and other credit unions; however, a credit union may not receive shares or deposits from persons, other than credit unions, who are not members of the credit union, except to a joint account in which at least one of the tenants is a member of the credit union.
(8) A credit union may participate in systems that allow the transfer, withdrawal, or deposit of funds of credit unions or credit union members by automated or electronic means and hold membership in entities established to promote and effectuate these systems, if such participation is not inconsistent with those rules of the commission adopted to further service to the members and to protect members’ funds against unreasonable risks.
(9) A credit union shall obtain and maintain insurance of accounts through the National Credit Union Administration.
History.—ss. 1, 6, ch. 80-258; ss. 2, 3, ch. 81-318; s. 1, ch. 91-307; ss. 1, 90, ch. 92-303; s. 1748, ch. 2003-261; s. 19, ch. 2005-181.