Texas Finance Code

§ 124.003 — LIMITATIONS ON LOANS

FI § 124.003Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 124. LOANS AND INVESTMENTS · Art. A. GENERAL PROVISIONS CONCERNING LOANS TO MEMBERS

Statute text

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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.

Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.