Texas Finance Code

§ 122.014 — UNDERSERVED-AREA CREDIT UNION

FI § 122.014Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 122. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. A. INCORPORATION REQUIREMENTS

Statute text

View on source

(a)In this section, "secondary capital account" means a nontransactional account in an amount greater than $100,000 as established by the commission that is:

(1)owned by a person other than an individual; and

(2)subordinated to other creditors.

(b)A credit union may apply to the commissioner for the designation of the credit union as an underserved-area credit union.

(c)The commissioner may designate a credit union as an underserved-area credit union only if:

(1)at least 50 percent of a substantial and well-defined segment of the credit union's members or potential members who are at least 15 years of age earn not more than 80 percent of the state or national household median income, whichever is higher;

…

Legislative history

Added by Acts 2003, 78th Leg., ch. 533, Sec. 13, eff. Sept. 1, 2003.