reglab/housing_qa huggingface dataset:
TX Fin Code § 124.204 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 124 - Loans and Investments|Subchapter E. Loans to Directors, Employees, and Credit Committee Members|Section 124.204. Prior Approval Required

Sec. 124.204.  PRIOR APPROVAL REQUIRED.  The board must give its approval before the credit union permits a director, senior management employee, or member of the credit committee to act as comaker, guarantor, or endorser of a loan to a member if the amount of the loan or aggregate of outstanding loans to the comaker, guarantor, or endorser is greater than the sum of:(1)  $10,000 or a higher amount established by commission rule;  and(2)  the amount of the shares and deposits pledged for the loan.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 533, Sec. 40, eff. Sept. 1, 2003.|
TX Fin Code § 124.251 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 124 - Loans and Investments|Subchapter F. Illegal Loans|Section 124.251. Illegality of Loan Not a Defense

Sec. 124.251.  ILLEGALITY OF LOAN NOT A DEFENSE.  The illegality of a loan is not a defense in a credit union's action to recover on the loan.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 124.252 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 124 - Loans and Investments|Subchapter F. Illegal Loans|Section 124.252. Illegality of Loan Not a Bar to Enforcement or Collection

Sec. 124.252.  ILLEGALITY OF LOAN NOT A BAR TO ENFORCEMENT OR COLLECTION.  The illegality of a loan does not prevent enforcement of the loan agreement against or collection of the loan from a person who is otherwise liable on the loan, including:(1)  the borrower;  or(2)  a guarantor or surety.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 124.301 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 124 - Loans and Investments|Subchapter G. Loan Programs|Section 124.301. Participation Loans

Sec. 124.301.  PARTICIPATION LOANS.  A credit union may market and sell participations in loans to members originated by the credit union to another credit union, corporation, or financial organization.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 124.302 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 124 - Loans and Investments|Subchapter G. Loan Programs|Section 124.302. Government Loan Programs

Sec. 124.302.  GOVERNMENT LOAN PROGRAMS.  A credit union may participate in:(1)  a guaranteed loan program of the United States government or a state government;  and(2)  another government loan program approved by the commission.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 124.351 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 124 - Loans and Investments|Subchapter H. Investment of Money|Section 124.351. Permitted Investments

Sec. 124.351.  PERMITTED INVESTMENTS.  (a)  A credit union may invest money not used in loans to members in:(1)  capital shares, obligations, participation certificates, or common or preferred stock of an agency, association, or company, subject to Section 124.352(a);(2)  loans to a national or state credit union association or corporation of which the credit union is a member;(3)  obligations, bonds, notes, or other evidences of indebtedness of a state or political subdivision of a state;(4)  certificates of deposit or other accounts issued by a state or national bank, savings and loan association, savings association, or mutual savings bank;(5)  securities, obligations, participations, or other instruments of or issued by the United States, or in a trust established for investing directly or collectively in those investments;(6)  loans to, shares of, or deposits in another credit union, a central credit union, a corporate credit union, a central liquidity facility established under state or federal law, a trust, or an organization established for lending directly or collectively to credit unions;(7)  securities, obligations, participations, or other instruments fully or partially guaranteed as to principal, interest, or both by the United States, or in a trust established for investing directly or collectively in those investments;(8)  participation loans with another credit union, corporation, credit organization, or financial organization;(9)  notes receivable, loans to members, or other assets of a credit union operating under this subtitle  or the Federal Credit Union Act (12 U.S.C. Section 1751 et seq.);  and(10)  other investments authorized by rules adopted by the commission that satisfy Subsection (b).(b)  A rule adopted under Subsection (a)(10) must be responsive to:(1)  changes in economic conditions or competitive practices;  and(2)  the need for safety and soundness of credit union investments.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 124.352 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 124 - Loans and Investments|Subchapter H. Investment of Money|Section 124.352. Limitations on Investments

Sec. 124.352.  LIMITATIONS ON INVESTMENTS.  (a)  An investment under Section 124.351(a)(1) may be made only if:(1)  the membership or ownership of the agency, association, or company is restricted to credit unions and their members or organizations of credit unions;  and(2)  the agency, association, or company is designed primarily to serve or otherwise assist credit union operations.(b)  An investment under Section 124.351(a)(1) or (2) in any one agency, association, or company may not exceed the lesser of the amount equal to:(1)  five percent of the credit union's total assets;  or(2)  its reserves and undivided earnings.(c)  Notwithstanding Subsection (a), the commission by rule may authorize an investment under Section 124.351(a)(1) in an agency, association, or company:(1)  whose membership or ownership is not restricted to credit unions and their members or organizations of credit unions;  or(2)  that is not designed primarily to serve or otherwise assist credit union operations.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 125.001 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 125 - Credit Union Accounts and Services|Subchapter A. General Provisions|Section 125.001. Definition

Sec. 125.001.  DEFINITION.  In this chapter, "multiple-party account" has the meaning assigned by Section 113.004, Estates Code, except that the term includes an account in which one or more of the parties is an organization, association, corporation, or partnership.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2015, 84th Leg., R.S., Ch. 1236 (S.B. 1296), Sec. 20.013, eff. September 1, 2015.|
TX Fin Code § 125.002 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 125 - Credit Union Accounts and Services|Subchapter A. General Provisions|Section 125.002. Share Account

Sec. 125.002.  SHARE ACCOUNT.  (a)  Shares and membership shares shall be subscribed to and paid for in the manner prescribed by the bylaws.  A credit union may limit the number of shares that may be owned by a member, but any such limitation must be applied equally to all members.(b)  A credit union may require credit union members to subscribe to and make payments on membership shares.  Membership shares may not be pledged as security on any loan.(c)  The board of directors may establish different classes of share accounts classified in relation to different rights, restrictions, par value, and dividend rates.(d)  A joint account may hold more than one membership share, supporting membership for more than one member of the credit union.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 533, Sec. 41, eff. Sept. 1, 2003.|
TX Fin Code § 125.003 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 125 - Credit Union Accounts and Services|Subchapter A. General Provisions|Section 125.003. Deposit Accounts

Sec. 125.003.  DEPOSIT ACCOUNTS.  A deposit account consists of payments made under an agreement between the credit union and a depositor, including a draft account, checking account, savings account, certificate of deposit, individual development account, or other similar account or arrangement.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 533, Sec. 42, eff. Sept. 1, 2003.|
TX Fin Code § 125.004 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 125 - Credit Union Accounts and Services|Subchapter A. General Provisions|Section 125.004. Construction With Other Laws

Sec. 125.004.  CONSTRUCTION WITH OTHER LAWS.  This chapter may not be construed to conflict with the laws of the United States or the laws of this state governing the taxation of multiple-party accounts.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 125.101 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 125 - Credit Union Accounts and Services|Subchapter B. Multiple-Party Accounts|Section 125.101. Form of Account

Sec. 125.101.  FORM OF ACCOUNT.  (a)  A member of a credit union or of a federal credit union doing business in this state may designate one or more persons to own a share or deposit account with the member in a multiple-party account.(b)  The account may provide for a right of survivorship.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 125.102 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 125 - Credit Union Accounts and Services|Subchapter B. Multiple-Party Accounts|Section 125.102. Powers of Account Holders

Sec. 125.102.  POWERS OF ACCOUNT HOLDERS.  (a)  A party to a multiple-party account may make a payment on a share or deposit account and a withdrawal subject to the account agreement.(b)  A party to the account may not vote in matters pertaining to, obtain a loan through, or hold office in the credit union unless the party is a member of the credit union.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 125.103 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 125 - Credit Union Accounts and Services|Subchapter B. Multiple-Party Accounts|Section 125.103. Powers of Members Relating to Account

Sec. 125.103.  POWERS OF MEMBERS RELATING TO ACCOUNT.  Subject to a policy adopted by the board, a member of a credit union by written notice to the credit union may:(1)  change or cancel a multiple-party account designation;(2)  change the form of the account;  or(3)  stop or vary payment under the terms of the account.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 125.104 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 125 - Credit Union Accounts and Services|Subchapter B. Multiple-Party Accounts|Section 125.104. Ownership Interest

Sec. 125.104.  OWNERSHIP INTEREST.  (a)  The parties to a multiple-party account are presumed to own the account in equal undivided interests unless:(1)  the account agreement provides otherwise;  or(2)  satisfactory proof of the net contributions to the account exists.(b)  The net contribution of a party to a multiple-party account is computed by adding:(1)  the total amount of all of the payments on a share or deposit made by or for the party, less the amount of all of the withdrawals made by or for the party that have not been paid to or applied for the use of another party;(2)  the pro rata share of interest or dividends included in the current balance of the account;  and(3)  any life insurance proceeds added to the account because of the death of the party.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 125.105 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 125 - Credit Union Accounts and Services|Subchapter B. Multiple-Party Accounts|Section 125.105. Discharge of Liability on Payment

Sec. 125.105.  DISCHARGE OF LIABILITY ON PAYMENT.  Payment of all or part of a multiple-party account to a party to the account discharges the credit union's liability to each party to the extent of the payment.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 125.106 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 125 - Credit Union Accounts and Services|Subchapter B. Multiple-Party Accounts|Section 125.106. Division of Account on Death

Sec. 125.106.  DIVISION OF ACCOUNT ON DEATH.  (a)  Unless otherwise provided by the account agreement or a trust agreement, the only effect the death of a party to a multiple-party account has on the beneficial ownership of the account is to transfer the decedent's right in the account to the decedent's estate.(b)  An account that does not expressly provide for right of survivorship is presumed to be a nonsurvivorship account.(c)  If the credit union complies with an account agreement, the credit union may pay money representing shares or deposits on the order of a party either before or after the death of another party.(d)  A credit union acting under Subsection (c) does not have further liability for the amount paid.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 125.107 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 125 - Credit Union Accounts and Services|Subchapter B. Multiple-Party Accounts|Section 125.107. Setoff of Account

Sec. 125.107.  SETOFF OF ACCOUNT.  Without qualifying another statutory right to a setoff or lien and subject to a contractual provision accepted by the credit union, a credit union has the right of setoff against the entire amount of a multiple-party account in which a party to the account is indebted to the credit union.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 125.201 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 125 - Credit Union Accounts and Services|Subchapter C. Minor Accounts|Section 125.201. Powers of Credit Union Relating to Account

Sec. 125.201.  POWERS OF CREDIT UNION RELATING TO ACCOUNT.  A credit union may:(1)  open a share or deposit account in the name of a minor;(2)  receive a payment on the account by or for the minor;(3)  pay withdrawals;(4)  accept pledges to the credit union by or for the minor;  and(5)  act in any other matter with respect to an account on the order of a minor.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 125.202 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 125 - Credit Union Accounts and Services|Subchapter C. Minor Accounts|Section 125.202. Voting; Office-Holding

Sec. 125.202.  VOTING;  OFFICE-HOLDING.  (a)  If permitted by the credit union's bylaws, a minor:(1)  may vote in a meeting of the credit union's members;  and(2)  is eligible to hold an office or committee membership in the credit union.(b)  A minor may not vote through a parent or guardian at a meeting of the credit union's members.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 125.203 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 125 - Credit Union Accounts and Services|Subchapter C. Minor Accounts|Section 125.203. Discharge of Liability on Payment; Effect on Minor of Required Action

Sec. 125.203.  DISCHARGE OF LIABILITY ON PAYMENT;  EFFECT ON MINOR OF REQUIRED ACTION.  (a)  A payment or delivery of rights made by a credit union or a federal credit union to any of the following persons in connection with an account in the name of a minor discharges the credit union or federal credit union to the extent of the payment or delivery:(1)  the minor;(2)  a party to the account;  or(3)  the parent or guardian of a deceased minor.(b)  The payment and a receipt, pledge, or other action required by the credit union is binding on the minor as if the minor had the capacity of an adult.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 125.301 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 125 - Credit Union Accounts and Services|Subchapter D. Trust Account|Section 125.301. Form of Account

Sec. 125.301.  FORM OF ACCOUNT.  (a)  A credit union may issue shares or receive a deposit:(1)  in a revocable trust, if:(A)  a settlor is a member of the credit union;  or(B)  a trustee or a beneficiary is a member of the credit union and the settlor is a member of the trustee's or beneficiary's family as that term is defined by the board in a written policy;  or(2)  in an irrevocable trust, if a settlor, trustee, or beneficiary is a member of the credit union.(b)  A credit union may rely on any information provided by the trustee to determine whether a trust is revocable or irrevocable.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 1999, 76th Leg., ch. 87, Sec. 4, eff. Sept. 1, 1999.|
TX Fin Code § 125.302 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 125 - Credit Union Accounts and Services|Subchapter D. Trust Account|Section 125.302. Loans to Nonmember Trustee

Sec. 125.302.  LOANS TO NONMEMBER TRUSTEE.  Subject to limitations imposed by this subtitle  or a rule adopted under this subtitle, a credit union may make a fully secured loan to a nonmember trustee to enable the trustee to perform or assist the trustee in performing the trustee's fiduciary responsibilities.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 125.303 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 125 - Credit Union Accounts and Services|Subchapter D. Trust Account|Section 125.303. Beneficiary Fees

Sec. 125.303.  BENEFICIARY FEES.  A beneficiary who is not a member of a credit union is not required to pay a membership entrance fee.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 125.304 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 125 - Credit Union Accounts and Services|Subchapter D. Trust Account|Section 125.304. Limitations Placed on Beneficiary

Sec. 125.304.  LIMITATIONS PLACED ON BENEFICIARY.  A beneficiary who is not a member of a credit union may not vote in matters pertaining to, obtain a loan through, or hold office in the credit union.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 125.305 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 125 - Credit Union Accounts and Services|Subchapter D. Trust Account|Section 125.305. Account Transaction Inquiries

Sec. 125.305.  ACCOUNT TRANSACTION INQUIRIES.  The credit union is not required to inquire of a trustee the reason for a transaction or the intended use for money withdrawn or borrowed.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 125.306 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 125 - Credit Union Accounts and Services|Subchapter D. Trust Account|Section 125.306. Discharge of Liability on Payment

Sec. 125.306.  DISCHARGE OF LIABILITY ON PAYMENT.  Payment of all or part of the shares and deposits to a trustee or other person authorized to request present payment on a trust account discharges the liability of the credit union to each settlor, trustee, and beneficiary to the extent of the payment.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 125.307 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 125 - Credit Union Accounts and Services|Subchapter D. Trust Account|Section 125.307. Termination of Account

Sec. 125.307.  TERMINATION OF ACCOUNT.  When a trust is terminated, the credit union shall pay money remaining in a trust account as:(1)  directed by the trustee;(2)  prescribed by the trust agreement;  or(3)  provided by applicable law, in the absence of direction from the trustee or by the trust agreement.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 125.308 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 125 - Credit Union Accounts and Services|Subchapter D. Trust Account|Section 125.308. Effect of Death of Trustee on Account

Sec. 125.308.  EFFECT OF DEATH OF TRUSTEE ON ACCOUNT.  (a)  The death of a trustee does not affect the ownership or disposition of a trust account unless:(1)  the trust agreement provides otherwise; or(2)  there is not a surviving trustee, and:(A)  the account is a trust account subject to Subchapter B, Chapter 111, and Chapters 112 and 113, Estates Code; or(B)  written evidence of the terms of the trust does not exist.(b)  On the death of a trustee for a trust account for which the death of a trustee affects the ownership disposition of the account, the credit union shall pay out money in the trust account:(1)  in accordance with the trust agreement;  or(2)  in the absence of written evidence of the terms of the trust, to a beneficiary or any other person authorized by law to request or receive payment.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2015, 84th Leg., R.S., Ch. 1236 (S.B. 1296), Sec. 20.014, eff. September 1, 2015.|