Texas Finance Code

§ 122.255 — DETERMINATION OF MISCONDUCT

FI § 122.255Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 122. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. F. MISCONDUCT AND ENFORCEMENT

Statute text

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The commissioner may determine that an officer, director, honorary director, advisory director, or employee of a credit union, or the credit union itself, acting by and through an officer, director, honorary director, advisory director, or employee, has:

(1)violated this subtitle, a rule adopted under this subtitle, or another law applicable to a credit union;

(2)violated or refused to comply with a final order of the commissioner or commission;

(3)wilfully neglected to perform an official or legal duty or wilfully committed a breach of trust or fiduciary duty;

(4)committed a fraudulent or questionable practice in the conduct of the credit union's business that endangers the credit union's reputation or threatens its solvency;

(5)refused to submit to examination under oath or to permit examination of the credit union's records and affairs by the commissioner or the commissioner's representative;

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Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2003, 78th Leg., ch. 533, Sec. 27, eff. Sept. 1, 2003.