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Can you summarize FLCL Chapter 657?
BANKS AND BANKING > CREDIT UNIONS
Short Summary
The provided legal document content consists of multiple sections that govern credit unions in the state of Florida. It includes the Florida Credit Union Act, which provides definitions for various terms related to credit unions and references historical amendments made to the chapter over time. The document outlines the requirements and procedures for applying for authority to organize a credit union, including the filing of an application with the office, approval criteria, and the need for insurance of accounts. It also addresses the place of doing business for credit unions, allowing for the establishment of branches and sharing of office space. The document further covers the responsibilities and requirements related to the board of directors and the executive committee of a credit union, including the appointment of officers, declaration of dividends, and investment of funds. It outlines the process for admitting members, conducting meetings, and establishing a supervisory or audit committee. The document also addresses the personal liability of directors and committee members, as well as the loan powers and lending procedures of credit unions. It provides guidance on the payment, transfer, and withdrawal of shares, as well as the establishment of reserves. The document mentions the assessment of fees for state credit unions and the appointment of a conservator or liquidator in certain circumstances. It also outlines the process for merging credit unions and the conversion between state and federal credit unions. Overall, these documents apply to credit unions, their members, and various individuals involved in credit union operations, but do not specify any exemptions or penalties.
Whom does it apply to?
Credit unions, their members, board of directors, supervisory committee, executive officers, loan officers, employees, agents, and individuals associated with the credit union
What does it govern?
Credit unions
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Florida