The Florida Senate

657.067  Conversion from federal to state charter; requirements for application approval.--

(1)  The Department of Banking and Finance shall not approve an application by a federally chartered credit union currently doing business in this state for conversion to a state charter pursuant to s. 657.066, unless a completed application for conversion was on file with the department on February 25, 1998.

(2)  The prohibition specified in subsection (1) shall terminate on July 1, 1999, unless the Comptroller determines before such date by an order of general application that it is in the public interest to accept and approve charter conversion applications, and identifies a procedure for the acceptance and processing of such conversion applications. In making such determination, the Comptroller shall consider:

(a)  Whether the United States Congress has amended the Federal Credit Union Act, 12 U.S.C. ss. 1751 et seq., subsequent to the enactment of this section, and, if so, the effect such amendments have or may have on the relative competitive positions of state-chartered and federally chartered credit unions.

(b)  Whether, and the extent to which, this state will be able to assume the costs of examination and supervision for any newly converted institutions.

(c)  Such other factors as the Comptroller deems relevant to the maintenance of a fair and competitive financial system in this state.

History.--s. 1, ch. 98-343.