Florida Statutes 665.0711 – Loans
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 665.0711
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Association: means a capital stock association subject to the provisions of this chapter. See Florida Statutes 665.012
- Home property: means real estate on which there is located, or will be located pursuant to a real estate loan, either a structure designed for residential use by one family or a single condominium unit, including common elements pertinent thereto, designed for residential use by one family in a multiple-dwelling-unit structure or complex and includes fixtures and home furnishings and equipment. See Florida Statutes 665.012
- Liquid assets: means :(a) Cash on hand;(b) Cash on deposit in federal home loan banks, federal reserve banks, state banks performing similar reserve functions, or financial depository institutions, which is withdrawable upon not more than 30 days' notice and which is not pledged as security for indebtedness, except that any deposits in a financial depository institution under the control or in the possession of any supervisory authority shall not be considered as liquid assets;(c) Obligations of, or obligations which are fully guaranteed as to principal and interest by, the United States or this state; and(d) Such other assets as may be approved by the office which are accepted as liquid assets for federally insured associations by the appropriate federal regulatory agency. See Florida Statutes 665.012
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Primarily residential property: means real estate on which there is located, or will be located pursuant to a real estate loan, any of the following:
(a) A structure or structures designed or used primarily for residential rather than nonresidential purposes and consisting of more than one dwelling unit. See Florida Statutes 665.012As an annual average, based on monthly computations, at least 50 percent of assets other than liquid assets of an association shall be invested in either real estate loans or interests therein on home property or primarily residential property for terms not in excess of 40 years or for such additional terms as may be provided by rule. Recognizing that associations are chartered to serve the convenience and needs of the communities in which they are chartered to do business, that the convenience and needs of communities include the need for credit services as well as deposit services, and that associations have a continuing and affirmative obligation to help meet the credit needs of the local communities in which they are chartered, at least 40 percent of the assets required to be invested by this section shall be secured by property within this state, unless a lower percentage is established by the commission or office pursuant to s. 655.061, except that loans insured or guaranteed in whole or in part by the United States are not subject to this restriction.