# Fla. Stat. § 657.002: 657.002 Definitions

> Florida · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.002

## Section

- **Citation:** Fla. Stat. § 657.002
- **Heading:** 657.002 Definitions
- **Jurisdiction:** Florida
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Florida Code / Title XXXVIII / Chapter 657 / Section 657.002

## Text

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.

## Nearby sections

- [Fla. Stat. § 657.001 657.001 Short title.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.001.md)
- [Fla. Stat. § 657.002 657.002 Definitions.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.002.md)
- [Fla. Stat. § 657.003 657.003 Purposes.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.003.md)
- [Fla. Stat. § 657.005 657.005 Application for authority to organize a credit union; investigation.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.005.md)
- [Fla. Stat. § 657.008 657.008 Place of doing business.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.008.md)
- [Fla. Stat. § 657.021 657.021 Board of directors; executive committee responsibilities; oaths; reports to the office.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.021.md)
- [Fla. Stat. § 657.022 657.022 Executive officers.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.022.md)
- [Fla. Stat. § 657.023 657.023 Membership.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.023.md)
- [Fla. Stat. § 657.024 657.024 Membership meetings.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.024.md)
- [Fla. Stat. § 657.026 657.026 Supervisory or audit committee.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.026.md)
- [Fla. Stat. § 657.027 657.027 Credit committee and credit manager.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.027.md)
- [Fla. Stat. § 657.028 657.028 Activities of directors, officers, committee members, employees, and agents.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.028.md)
- [Fla. Stat. § 657.031 657.031 Powers.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.031.md)
- [Fla. Stat. § 657.033 657.033 Accounts.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.033.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.002. Check the current official text before relying on it. Not legal advice.