Texas Finance Code

§ 125.510 — DELINQUENT RENTS

FI § 125.510Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 125. CREDIT UNION ACCOUNTS AND SERVICES · Art. F. SAFE DEPOSIT BOXES

Statute text

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(a)If the rental of a safe deposit box is delinquent for six months or longer, the credit union may open the box only if:

(1)the credit union sends notice of the delinquency to the lessee; and

(2)the rent is not paid before the date specified in the notice.

(b)The notice must:

(1)be sent by certified mail, return receipt requested, to the lessee named in the books of the credit union at the address shown in those books; and

(2)specify a date by which payment must be made that may not be before the 61st day after the date on which the notice is mailed.

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Legislative history

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