Texas Finance Code

§ 125.405 — ACCOUNT WITHDRAWALS

FI § 125.405Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 125. CREDIT UNION ACCOUNTS AND SERVICES · Art. E. THIRD-PARTY CLAIMS AND OTHER RIGHTS RELATING TO ACCOUNTS

Statute text

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(a)A credit union may require not longer than 60 days' notice for a withdrawal from a share or deposit account.

(b)The commissioner may impose an advance withdrawal notice requirement following issuance of a cease and desist order under Chapter 122. The commissioner by rule may require that a requirement imposed under this subsection apply to all members of the credit union.

(c)A membership share may not be withdrawn unless membership in the credit union is terminated.

Legislative history

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