Section 6-401 - DefinitionsIn this chapter, unless the context otherwise requires:
1. "Account" means withdrawable capital deposited with or invested in an association in accordance with any plan authorized by this chapter unless such term is otherwise designated or qualified.2. "Aggregate withdrawal value" means the sum of all payments made on all accounts of the association, all dividends and bonuses credited or allocated to such accounts and all dividends credited to "divided profits" for subsequent crediting to accounts on maturity, less all withdrawals, retirements and other proper deductions from accounts and all unpaid charges on the accounts.3. "Association" means every association to which this chapter applies as defined in the section concerning scope of chapter.4. "Community" means a city, incorporated town, unincorporated town, community or village.5. "Continuing association" means the association that continues to exist after a merger of associations has been effected.6. "Federal association" means a savings and loan association or savings association operating under the laws and regulations of the United States.7. "Impaired" or "impairment", with respect to capital, means a condition in which the value of the association's assets is less than the aggregate amount of the association's liabilities to creditors, the aggregate value of its accounts and the aggregate par value of its guaranty capital.8. "Improved real estate" means real estate which is, or which from the proceeds of the loan will become, a home, combination of home and business property or other improved real estate.9. "Insurance corporation" means the federal deposit insurance corporation or such other instrumentality of, or corporation chartered by, the United States as may be established for the purpose of insuring the accounts of savings and loan associations or any other equivalent deposit insurer approved by the deputy director.10. "Insured association" means an association, the accounts of which are insured wholly or in part by an insurance corporation.11. "Investment" means to put funds to use in order to secure profits.12. "Mail" or "mailed" means, with respect to a writing or notice, deposit in a United States post-office mailing facility in this state with postage prepaid and correctly addressed to the proper person at the person's address stated on the association's records or otherwise agreed on or if no address has been so established then to the last known address.13. "Merger" includes consolidation.14. "Merging association" means an association that plans or effects a merger with one or more other associations in accordance with the provisions of this chapter concerning merger.15. "Other improved real estate" means real estate other than a home or combination home and business property that, because of its state of improvement, or improvement from the proceeds of the loan, will produce sufficient income to maintain the property and retire the loan in accordance with the terms of the loan.16. "Participating interests" means the purchase or acquisition of an interest in an existing permanent mortgage loan.17. "Prior act" means any statute of this state that, before June 25, 1960, has governed the formation or operation of associations of the type described in the section of this chapter concerning scope of the chapter.18. "Profits" means, as determined by the application of proper accounting principles, gross income less the aggregate of operating and other expenses, losses actually sustained and not charged to reserves under this chapter and interest paid or accrued on borrowings and non-recurring charges.19. "Publication", "publish" or "published" means printed in the English language in a newspaper of general circulation published in the community in which the association's business office is located or if no such newspaper exists in said community then in the county in which such business office is located. Unless otherwise specified in this chapter publication shall be made once each week for two successive weeks.20. "Total assets" means the total value of all loan contracts without deduction for the withdrawal value of any accounts of the association held as collateral for loans and the total value of all other assets of the association as determined by the application of proper accounting principles.21. "Withdrawal value" of an account means the sum of all payments made by the holder on the account and all dividends and bonuses credited or allocated to such account less all withdrawals, retirements and other proper deductions from the account and all unpaid charges on the account.Amended by L. 2021, ch. 356,s. 77, eff. 9/29/2021.Amended by L. 2015, ch. 165,s. 2, eff. 7/2/2015.