reglab/housing_qa huggingface dataset:
TX Fin Code § 123.106 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 123 - General Powers|Subchapter B. Operational Powers|Section 123.106. Change of Location

Sec. 123.106.  CHANGE OF LOCATION.  (a)  A credit union changing the location of its principal place of business or any additional office or service facility shall notify the commissioner in writing of the new location and the scheduled or effective date of the change.(b)  The credit union must submit notice to the commissioner not later than the 30th day before the scheduled or effective date of the change.  The commissioner may waive or reduce the timing of the notice requirement under this subsection.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 533, Sec. 34, eff. Sept. 1, 2003.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 19 (S.B. 244), Sec. 15, eff. September 1, 2013.|
TX Fin Code § 123.107 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 123 - General Powers|Subchapter B. Operational Powers|Section 123.107. Insurance for Members

Sec. 123.107.  INSURANCE FOR MEMBERS.  A credit union may purchase or otherwise provide insurance for the benefit or convenience of its members in accordance with applicable law or rules adopted by the commission.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 1999, 76th Leg., ch. 157, Sec. 11, eff. Sept. 1, 1999.|
TX Fin Code § 123.108 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 123 - General Powers|Subchapter B. Operational Powers|Section 123.108. Donations

Sec. 123.108.  DONATIONS.  A credit union may donate to a nonprofit, civic, charitable, or community organization as authorized by the board.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 123.109 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 123 - General Powers|Subchapter B. Operational Powers|Section 123.109. Seal

Sec. 123.109.  SEAL.  A credit union may adopt and use a common seal and may alter its seal at any time.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 123.110 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 123 - General Powers|Subchapter B. Operational Powers|Section 123.110. Records

Sec. 123.110.  RECORDS.  (a)  A credit union may:(1)  copy any record kept by the credit union;  and(2)  dispose of the original record in accordance with commission rules.(b)  A copy of a record is considered an original record for any purpose, including admissibility in evidence as an original record before any court or administrative agency for the purpose of the copy's admissibility in evidence.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 123.111 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 123 - General Powers|Subchapter B. Operational Powers|Section 123.111. Right to Act to Mitigate or Avoid Loss

Sec. 123.111.  RIGHT TO ACT TO MITIGATE OR AVOID LOSS.  This subtitle does not prohibit a credit union from investing its money, operating a business, managing or dealing in property, or taking any other action at any time that is reasonably necessary to avoid or mitigate a loss on a loan or on an investment made or obligation created in good faith and in the usual course of the credit union's business, as authorized by this subtitle or a rule adopted by the commission.|Added by Acts 2003, 78th Leg., ch. 533, Sec. 35, eff. Sept. 1, 2003.|
TX Fin Code § 123.201 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 123 - General Powers|Subchapter C. Financial Powers|Section 123.201. Power to Borrow or Lend

Sec. 123.201.  POWER TO BORROW OR LEND.  (a)  A credit union may:(1)  lend its funds, or engage in any other type of financing transaction authorized by applicable law or rules adopted by the commission;  and(2)  borrow money from any source, subject to Subsection (b).(b)  A credit union may not incur a debt without the commissioner's prior approval if the debt will cause the debt of the credit union, including a deposit of a nonmember financial institution, to exceed an amount equal to 500 percent of the credit union's unencumbered reserves and undivided earnings.(c)  The commissioner shall grant or deny a request for approval under Subsection (b) not later than the 10th day after the date on which the request is made.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 1999, 76th Leg., ch. 157, Sec. 12, eff. Sept. 1, 1999.|
TX Fin Code § 123.202 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 123 - General Powers|Subchapter C. Financial Powers|Section 123.202. Receipt, Transfer, and Payment of Money

Sec. 123.202.  RECEIPT, TRANSFER, AND PAYMENT OF MONEY.  A credit union may:(1)  receive and disburse money;(2)  receive a payment on a share or deposit;  and(3)  provide for the transfer or withdrawal of money from an account by the means and through the payment systems that the board determines best serve the convenience and needs of members and depositors.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 123.203 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 123 - General Powers|Subchapter C. Financial Powers|Section 123.203. Acceptance of Money for Deposit From Another Entity

Sec. 123.203.  ACCEPTANCE OF MONEY FOR DEPOSIT FROM ANOTHER ENTITY.  A credit union may accept money for deposit by a savings and loan association, a savings association, the savings department of a bank, a commercial bank, a savings bank, a trust company, an insurance company, or any intermediary or other person managing or holding money on behalf of the credit union or any of the credit union's members or depositors.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 123.204 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 123 - General Powers|Subchapter C. Financial Powers|Section 123.204. Action as Agent or Depository of United States or Other Governmental Entity

Sec. 123.204.  ACTION AS AGENT OR DEPOSITORY OF UNITED STATES OR OTHER GOVERNMENTAL ENTITY.  A credit union may act as agent or depository of and accept for deposit the money of:(1)  the United States or an agent or instrumentality of the United States;(2)  this or another state;  or(3)  a political subdivision of this or another state, including:(A)  a municipality;(B)  a county;(C)  a school district;  or(D)  another taxing authority.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 123.205 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 123 - General Powers|Subchapter C. Financial Powers|Section 123.205. Investments and Securities

Sec. 123.205.  INVESTMENTS AND SECURITIES.  (a)  In accordance with commission rules, a credit union may:(1)  develop and offer investment programs to its members and depositors;  or(2)  act as agent for its members and depositors in the purchase, sale, or other disposition of a security, an interest in a mutual fund, or an interest or participation in any other type of investment.(b)  A credit union may issue and sell securities in connection with an investment program developed and offered under Subsection (a)(1).|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 123.206 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 123 - General Powers|Subchapter C. Financial Powers|Section 123.206. Action as Fiscal or Transfer Agent; Transfer of Certain Instruments; Signatures

Sec. 123.206.  ACTION AS FISCAL OR TRANSFER AGENT;  TRANSFER OF CERTAIN INSTRUMENTS;  SIGNATURES.  A credit union may:(1)  act as fiscal agent or transfer agent;(2)  transfer a registered and countersigned certificate of stock, bond, or other evidence of indebtedness;  or(3)  guarantee a signature.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 123.207 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 123 - General Powers|Subchapter C. Financial Powers|Section 123.207. Fiduciary Powers

Sec. 123.207.  FIDUCIARY POWERS.  A credit union may:(1)  act, under court order or appointment, as guardian, receiver, trustee, executor, or administrator without giving bond;(2)  receive an investment from a person acting as a guardian, receiver, trustee, executor, or administrator under the Estates Code or Subtitle B, Title 9, Property Code;(3)  act as depository for money paid to a court or constituting the estate of a deceased person, a minor, or an incompetent;(4)  accept, execute, and administer a trust as trustee;(5)  accept funds or money for deposit by a fiduciary, trustee, receiver, guardian, executor, or administrator; or(6)  act as custodian or trustee of a pension or profit-sharing plan, including an individual retirement account or a pension fund of a self-employed individual or of the sponsor of a credit union.|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. 20.012, eff. September 1, 2015.|
TX Fin Code § 123.208 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 123 - General Powers|Subchapter C. Financial Powers|Section 123.208. Dividends and Interest

Sec. 123.208.  DIVIDENDS AND INTEREST.  (a)  A credit union may:(1)  declare and pay a dividend on a share;(2)  contract for and pay interest on a deposit;  or(3)  refund interest to a borrower.(b)  A dividend or interest may be paid at a rate and on the conditions that the board authorizes.(c)  The commissioner may restrict the payment of a dividend:(1)  if the commissioner issues a cease and desist order under Section 122.257;  or(2)  as necessary to protect the member's interests and preserve the solvency of the credit union as authorized by commission rule.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 123.209 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 123 - General Powers|Subchapter C. Financial Powers|Section 123.209. Transfer System

Sec. 123.209.  TRANSFER SYSTEM.  A credit union may establish, operate, or participate in a system that allows the transfer of credit union money or the shares or deposits of its members by electronic or other means, including a clearinghouse association, a data processing or other electronic network, the Federal Reserve System, or any other government payment or liquidity program.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 123.210 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 123 - General Powers|Subchapter C. Financial Powers|Section 123.210. Sale of Certain Instruments or Securities; Fee

Sec. 123.210.  SALE OF CERTAIN INSTRUMENTS OR SECURITIES;  FEE.  A credit union may:(1)  collect, receive, and disburse money:(A)  in connection with the sale of a traveler's check, money order, cashier's check or draft, treasurer's draft, similar instrument, or security of any type;  or(B)  for another purpose that may provide a benefit or convenience for its members;  and(2)  collect a fee for those services.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 123.211 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 123 - General Powers|Subchapter C. Financial Powers|Section 123.211. Certificates of Indebtedness

Sec. 123.211.  CERTIFICATES OF INDEBTEDNESS.  The commission by rule may authorize a credit union to issue certificates of indebtedness that are subordinated to all other claims of credit union creditors.|Added by Acts 2003, 78th Leg., ch. 533, Sec. 36, eff. Sept. 1, 2003.|
TX Fin Code § 123.212 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 123 - General Powers|Subchapter C. Financial Powers|Section 123.212. Check and Money Transfer Services

Sec. 123.212.  CHECK AND MONEY TRANSFER SERVICES.  A credit union may sell to a person within its field of membership negotiable checks, money orders, and other similar money transfer instruments or services and may also cash checks and money orders for a person within its field of membership for a fee.|Added by Acts 2003, 78th Leg., ch. 533, Sec. 37, eff. Sept. 1, 2003.|
TX Fin Code § 124.001 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 124 - Loans and Investments|Subchapter A. General Provisions Concerning Loans to Members|Section 124.001. Authorization

Sec. 124.001.  AUTHORIZATION.  A credit union may make a loan to a member:(1)  in accordance with rules adopted by the commission;(2)  for a purpose the credit union approves;  and(3)  on security and terms the credit union requires.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 124.002 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 124 - Loans and Investments|Subchapter A. General Provisions Concerning Loans to Members|Section 124.002. Limitations on Interest Rates

Sec. 124.002.  LIMITATIONS ON INTEREST RATES.  The interest rate on a loan to a member may not exceed:(1)  1-1/2 percent per month on the unpaid balance;(2)  28 percent a year to the extent that federal credit unions are permitted to charge that rate; or(3)  a higher rate authorized by law, including a rate authorized by Chapter 303.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 19 (S.B. 244), Sec. 16, eff. September 1, 2013.|
TX Fin Code § 124.003 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 124 - Loans and Investments|Subchapter A. General Provisions Concerning Loans to Members|Section 124.003. Limitations on Loans

Sec. 124.003.  LIMITATIONS ON LOANS.  A credit union may not make a loan to a member or a business interest of the member if the loan would cause the aggregate amount of loans to the member and the member's business interests to exceed:(1)  an amount equal to 10 percent of the credit union's total assets;  or(2)  a lesser amount established by commission rule.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 124.004 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 124 - Loans and Investments|Subchapter A. General Provisions Concerning Loans to Members|Section 124.004. Written Instrument Required

Sec. 124.004.  WRITTEN INSTRUMENT REQUIRED.  A credit union loan must be evidenced by a written instrument.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 124.005 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 124 - Loans and Investments|Subchapter A. General Provisions Concerning Loans to Members|Section 124.005. Applicability of Other Law

Sec. 124.005.  APPLICABILITY OF OTHER LAW.  Subtitle B, Title 4, does not apply to a credit union loan or extension of credit unless the agreement that evidences the transaction specifically provides otherwise.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 124.051 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 124 - Loans and Investments|Subchapter B. Open-End Credit Plan or Line of Credit|Section 124.051. Open-End Credit Plan

Sec. 124.051.  OPEN-END CREDIT PLAN.  A credit union may enter into a written agreement with a member under which:(1)  the member is allowed to borrow money from time to time;  and(2)  interest may from time to time be computed on the unpaid balance.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 124.052 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 124 - Loans and Investments|Subchapter B. Open-End Credit Plan or Line of Credit|Section 124.052. Line of Credit

Sec. 124.052.  LINE OF CREDIT.  A credit union may approve in advance a line of credit and grant advances to a member within the limit of the extension of credit.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 124.053 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 124 - Loans and Investments|Subchapter B. Open-End Credit Plan or Line of Credit|Section 124.053. Additional Loan Application Not Required

Sec. 124.053.  ADDITIONAL LOAN APPLICATION NOT REQUIRED.  An additional loan application is not required under an open-end credit plan under Section 124.051 or line of credit under Section 124.052 if the aggregate obligation does not exceed a limit of the extension of credit the credit union establishes.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 124.101 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 124 - Loans and Investments|Subchapter C. Loan Expenses|Section 124.101. Borrower Payment of Loan Expenses

Sec. 124.101.  BORROWER PAYMENT OF LOAN EXPENSES.  A credit union may require a member to pay all reasonable expenses and fees incurred in connection with making, closing, disbursing, extending, readjusting, or renewing a loan, whether or not those expenses or fees are paid to third parties.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 124.102 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 124 - Loans and Investments|Subchapter C. Loan Expenses|Section 124.102. Collection of Loan Expenses

Sec. 124.102.  COLLECTION OF LOAN EXPENSES.  A payment authorized by Section 124.101 may be:(1)  collected by the credit union and:(A)  retained by the credit union;  or(B)  paid to a person rendering a service in connection with the payment;  or(2)  paid directly by the member to the third party to whom it is payable.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 124.103 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 124 - Loans and Investments|Subchapter C. Loan Expenses|Section 124.103. Character of Expense or Fee

Sec. 124.103.  CHARACTER OF EXPENSE OR FEE.  An expense or fee authorized by Section 124.101 is not interest.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 124.151 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 124 - Loans and Investments|Subchapter D. Loan Payments|Section 124.151. Prepayment Privilege

Sec. 124.151.  PREPAYMENT PRIVILEGE.  A loan may be prepaid in whole or in part, without penalty, during regular working hours on any day on which the credit union is open for business, except as provided by Section 124.152.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 124.152 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 124 - Loans and Investments|Subchapter D. Loan Payments|Section 124.152. Conditions for Prepayment of Loan Secured by Real Property

Sec. 124.152.  CONDITIONS FOR PREPAYMENT OF LOAN SECURED BY REAL PROPERTY.  A credit union may require a partial prepayment that is made on a loan secured by a lien or mortgage on or other type of security interest in real property to be made:(1)  on the date monthly installments are due;  and(2)  in the amount of that part of one or more monthly installments that would be applicable to principal.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 124.153 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 124 - Loans and Investments|Subchapter D. Loan Payments|Section 124.153. Penalty for Late Payment

Sec. 124.153.  PENALTY FOR LATE PAYMENT.  (a)  A credit union, in accordance with its bylaws, may charge a member a penalty when a loan payment is past due.(b)  A credit union may charge only one penalty on each past due payment.(c)  A penalty under this section is not interest.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 124.201 (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 124.201. Authorization

Sec. 124.201.  AUTHORIZATION.  Only if done in accordance with limitations imposed by Section 124.202, a credit union may make a loan or extend a line of credit to:(1)  a director, senior management employee, or member of the credit committee;  or(2)  the immediate family of the director, senior management employee, or member of the credit committee.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 533, Sec. 38, eff. Sept. 1, 2003.|
TX Fin Code § 124.202 (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 124.202. Conditions of Loans

Sec. 124.202.  CONDITIONS OF LOANS.  A loan or extension of a line of credit under Section 124.201:(1)  must comply with this subtitle  and rules adopted under this subtitle with respect to loans to other borrowers;(2)  may not be on terms more favorable than those extended to other borrowers;  and(3)  must be approved by the board before the credit union makes or agrees to make the loan if the aggregate amount of the loan and other outstanding loans to the person, the person's business interests, and the person's immediate family is greater than the sum of:(A)  $10,000 or a higher amount established by commission rule;  and(B)  the amount of the shares and deposits pledged for the loan.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 124.203 (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 124.203. Authorization to Act as Comaker, Guarantor, or Endorser

Sec. 124.203.  AUTHORIZATION TO ACT AS COMAKER, GUARANTOR, OR ENDORSER.  A credit union may permit a director, senior management employee, or member of the credit committee to act as comaker, guarantor, or endorser of a loan to a member only in accordance with limitations imposed by Section 124.204.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 533, Sec. 39, eff. Sept. 1, 2003.|