Texas Finance Code

§ 122.258 — REMOVAL ORDER

FI § 122.258Title 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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(a)The commissioner by order may remove or prohibit a person who is a current or former officer, director, manager, or employee of a credit union from office, employment, or further participation in the affairs of a credit union if the commissioner by examination or other credible evidence:

(1)finds that:

(A)the person has continued a violation or practice previously charged and found by the commissioner after issuance of a determination letter under Section 122.256 or a cease and desist order under Section 122.257; and

(B)removal or prohibition is necessary and in the best interest of the credit union and its depositors, creditors, and members; or

(2)makes a finding listed in Section 122.255 and determines that removal or prohibition of the person is immediately necessary because the person has committed or is about to commit:

(A)a fraudulent or criminal act involving the conduct of the business of the credit union;

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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. 30, eff. Sept. 1, 2003.