Texas Finance Code

§ 124.051 — OPEN-END CREDIT PLAN

FI § 124.051Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 124. LOANS AND INVESTMENTS · Art. B. OPEN-END CREDIT PLAN OR LINE OF CREDIT

Statute text

View on source

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.

Legislative history

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