Florida Statutes
Fla. Stat. § 657.002 (2025)
Definitions.
✓ 2025 Florida Statutes — current through the 2025 Regular Session
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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 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; s. 11, ch. 2025-145.
Notes of Decisions
Cited in 1
case, 2012–2012 · leading case: Power Fin. Credit Union v. Nat'l Credit Union Admin. Bd., 494 F. App'x 982 (11th Cir. 2012).
Power Fin. Credit Union v. Nat'l Credit Union Admin. Bd., 494 F. App'x 982 (11th Cir. 2012). “Fla. Stat. § 657.002 (9). A state-chartered credit union “may purchase the conditional sales contracts, notes, and similar instruments of its members, provided that the credit union could have originally made the loan.”
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