The Florida Senate

657.260  Duties and powers of the department.--

(1)  The department shall:

(a)  Notify the corporation not later than 3 days after the taking of action or the finding by the department that a member credit union is bankrupt or insolvent, or of the filing of a complaint against a member credit union or of the issuance of a cease and desist order against a member credit union, or of an order placing a member credit union in involuntary liquidation.

(b)  Promptly notify the corporation of the existence of any material deviation from accepted and established practices, policies, and rules which may have an adverse effect on the financial condition of a member credit union.

(c)  Designate and appoint the corporation as liquidating agent for any member credit union.

(d)  Upon the request of the board of directors, provide the corporation, at not more than cost and at the corporation's expense, a copy of the most recent examination report by the department of each member credit union.

(2)  The department may:

(a)  Require that the corporation notify the individual members of the liquidating member credit union and any other interested parties of the determination of liquidation and of their rights and duties under this act. Such notification shall be by mail to their last known address, when available, but if sufficient information for notification by mail is not available, notice by publication at least one time in a newspaper of general circulation shall be sufficient.

(b)  Suspend or revoke the certificate of organization or authority to transact business as a credit union in this state of any member credit union as defined by this act which fails:

1.  To maintain membership in the corporation without prior approval of the department.

2.  To pay an assessment when due.

3.  Otherwise to comply with the plan of operation, with any rules promulgated by the department hereunder, or with this part.

As an alternative to suspension or revocation, the department may levy a delinquency charge on any member credit union which fails to pay an assessment when due. Such charge shall not exceed 5 percent of the unpaid assessment per month, except that no charge shall be less than $100 per month. All such delinquent charges levied and collected shall be deposited in the bank and trust company trust funds of the department.

(c)  Revoke, terminate, or cancel the designation of any service or claims facility being utilized by the corporation, or of any liquidating agent or receiver, if it finds claims are being handled unsatisfactorily.

(d)  Order the corporation to take any action required to be taken by the corporation under this part.

History.--s. 12, ch. 74-183; s. 3, ch. 76-168; s. 1, ch. 77-117; s. 1, ch. 77-457; s. 7, ch. 78-95; s. 9, ch. 78-123; ss. 4, 6, ch. 80-258; ss. 2, 3, ch. 81-318; ss. 25, 58, ch. 85-82; ss. 6, 11, 12, ch. 91-17; ss. 1, 3, ch. 91-307; s. 4, ch. 91-429.