The Florida Senate

657.251  Purposes.--The purposes of this part are to:

(1)  Provide a mechanism whereby the shares and deposits of any member of a member credit union shall be protected or guaranteed up to amounts which are established by the corporation and to avoid excessive delay in payment of such shares and deposits.

(2)  Avoid financial loss to members of credit unions because of the insolvency or liquidation of a member credit union.

(3)  Assist in the detection and prevention of credit union insolvencies or liquidations.

(4)  Provide for a corporation to administer, implement, and supervise the plan of operation provided for under this part.

(5)  Provide for the equitable apportionment among member credit unions and to assess the cost of such protection.

(6)  Provide for the orderly conversion of member credit unions to share insurance through the National Credit Union Administration, or the liquidation or merger of member credit unions, and the liquidation of the corporation.

History.--s. 2, ch. 74-183; s. 3, ch. 76-168; s. 1, ch. 77-457; s. 2, ch. 78-123; ss. 4, 6, ch. 80-258; ss. 2, 3, ch. 81-318; ss. 1, 11, 12, ch. 91-17; ss. 1, 3, ch. 91-307; s. 4, ch. 91-429.