The Florida Senate

657.0315  Contracts for providing goods, products, or services.--

(1)  A credit union may not enter into a written or oral contract with any person to provide goods, products, or services to or for the benefit of the credit union if the performance of such contract would adversely affect the safety or soundness of the credit union, and the contract is voidable.

(2)  Enforcement of this section may be made only by the board of directors of the credit union, unless the contract had been authorized by specific action of the board; by the corporation or National Credit Union Administration if it is directed to assume control of the assets and business of the credit union pursuant to s. 657.062; or by the liquidator appointed pursuant to s. 657.063 or s. 657.064

History.--s. 89, ch. 92-303.