# Fla. Stat. § 657.062: 657.062 Conservatorship > Florida · Statutes · In force URL: https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.062 ## Section - **Citation:** Fla. Stat. § 657.062 - **Heading:** 657.062 Conservatorship - **Jurisdiction:** Florida - **Kind:** Statutes - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** Florida Code / Title XXXVIII / Chapter 657 / Section 657.062 ## Text (1) The office may appoint the National Credit Union Administration as conservator over a credit union to take possession and control of the property, assets, and business of its member credit union and to operate it subject to the directions of the office whenever: (a) The office finds that the credit union: 1. Is engaging or has engaged in an unsafe or unsound practice; 2. Is violating or has violated any provision of this chapter; or 3. Is violating or has violated any commission rule, office order, or written agreement entered into with the office, in such a manner that the credit union is threatened with imminent insolvency. (b) A majority of the members of the board of directors of the credit union have been removed by the office or the National Credit Union Administration or have resigned. (c) The credit union is significantly undercapitalized and has no reasonable prospect of becoming adequately capitalized. The commission may define by rule criteria for determining if a credit union is undercapitalized or adequately capitalized. In defining such criteria, the commission shall consider the definitions contained in s. 216, the Federal Credit Union Act, codified at 12 U.S.C. s. 1790d. (2) Except when prohibited by federal or state law, in the event of conservatorship, the conservator may appoint the board of directors and the operating committees and may, without penalty or liability, prepay any deposit accounts; terminate any contracts or agreements with employees, independent contractors, or consultants; terminate any contract or agreement with any person to provide goods, products, or services if the performance of such contract would adversely affect the safety or soundness of the credit unions; and terminate or assign any lease for property. The authority of the conservator to continue operation of a credit union shall continue for a period not to exceed 180 days, unless extended by the office for an additional period or periods, not to exceed 180 days each, at the request of the conservator, or unless involuntary liquidation proceedings have been initiated by the office. In the event that the conservator does assume control pursuant to the direction of the office, a meeting of the credit union shall be called within 180 days, or within the period of extension as approved by the office, for the specific purpose of electing a new board of directors, who shall take office when the conservator surrenders control, or considering such other recommendations as the conservator and the office make. History: ss. 1, 6, ch. 80-258; ss. 2, 3, ch. 81-318; ss. 17, 58, ch. 85-82; s. 1, ch. 91-307; ss. 1, 97, ch. 92-303; s. 1754, ch. 2003-261; s. 24, ch. 2005-181. ## 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) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.062. Check the current official text before relying on it. Not legal advice.