Tex. Fin. Code § 124.202 · Subchapter E. LOANS TO DIRECTORS, EMPLOYEES, AND CREDIT COMMITTEE MEMBERS
CONDITIONS OF LOANS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
A loan or extension of a line of credit under Section 124.201:
(1) must comply with this subtitle and rules adopted under this subtitle with respect to loans to other borrowers;
(2) may not be on terms more favorable than those extended to other borrowers; and
(3) must be approved by the board before the credit union makes or agrees to make the loan if the aggregate amount of the loan and other outstanding loans to the person, the person's business interests, and the person's immediate family is greater than the sum of:
(A) $10,000 or a higher amount established by commission rule; and
(B) the amount of the shares and deposits pledged for the loan.
Notes and commentary — not statutory text
History
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.124.htm
- Text hash
- sha256 0884574292079dc97dbf2db71aa3de0d9f9cb7ae14e5f771c58abde0ac27b988
- 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
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