Tex. Fin. Code § 123.201 · Subchapter C. FINANCIAL POWERS
POWER TO BORROW OR LEND.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A credit union may:
(1) lend its funds, or engage in any other type of financing transaction authorized by applicable law or rules adopted by the commission; and
(2) borrow money from any source, subject to Subsection (b).
(b) A credit union may not incur a debt without the commissioner's prior approval if the debt will cause the debt of the credit union, including a deposit of a nonmember financial institution, to exceed an amount equal to 500 percent of the credit union's unencumbered reserves and undivided earnings.
(c) The commissioner shall grant or deny a request for approval under Subsection (b) not later than the 10th day after the date on which the request is made.
Notes and commentary — not statutory text
History
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 1999, 76th Leg., ch. 157, Sec. 12, eff. Sept. 1, 1999.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.123.htm
- Text hash
- sha256 a42eaa449f50670e779aea5af6e384ec3beb404a72d9fb558fd1996c3af23559
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.