Texas Finance Code

§ 15.410 — SHARE AND DEPOSITOR INSURANCE PROTECTION

FI § 15.410Title 2. FINANCIAL REGULATORY AGENCIES · Ch. 15. CREDIT UNION COMMISSION AND DEPARTMENT · Art. E. POWERS AND DUTIES OF COMMISSION AND COMMISSIONER

Statute text

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(a)The commission shall adopt, and the commissioner shall enforce, reasonable rules requiring a credit union to provide share and deposit insurance protection for credit union members and depositors.

(b)Rules adopted under this section must include authorization for and establishment of a share and deposit guaranty corporation or credit union under the department's exclusive regulation to enable the department to carry out the purposes of this chapter and Subtitle D, Title 3.

(c)A credit union may provide share and deposit insurance protection through another source approved by the department, including a program of the National Credit Union Administration.

Legislative history

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