Texas Finance Code

§ 124.201 — AUTHORIZATION

FI § 124.201Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 124. LOANS AND INVESTMENTS · Art. E. LOANS TO DIRECTORS, EMPLOYEES, AND CREDIT COMMITTEE MEMBERS

Statute text

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Only if done in accordance with limitations imposed by Section 124.202, a credit union may make a loan or extend a line of credit to:

(1)a director, senior management employee, or member of the credit committee; or

(2)the immediate family of the director, senior management employee, or member of the credit committee.

Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2003, 78th Leg., ch. 533, Sec. 38, eff. Sept. 1, 2003.