US Laws, Codes, Statutes & Cases

FINANCE CODE

CHAPTER 149. MISCELLANEOUS PROVISIONS RELATING TO CREDIT UNIONS


	§ 149.001. APPLICABILITY OF CHAPTERS 3 AND 4, BUSINESS &
COMMERCE CODE.  (a) Chapters 3 and 4, Business & Commerce Code, 
determine the rights, responsibilities, and liabilities of a person 
regarding an item drawn on, transferred to, or presented, remitted, 
collected, settled, negotiated, or otherwise handled by a credit 
union as if the credit union were a bank, unless otherwise provided 
by written agreement of the parties.
	(b)  In this section:                                                          
		(1)  "Credit union" means a credit union authorized to 
do business in this state under this subtitle or the Federal Credit 
Union Act (12 U.S.C. Section 1751 et seq.).
		(2)  "Item":                                                                  
			(A)  means an instrument, whether or not 
negotiable, for the payment of money;  and
			(B)  does not include money.                                                 

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


	§ 149.002. EXEMPTION FROM SECURITIES LAWS.  (a) Except as 
required by this subtitle, a credit union authorized to do business 
under this subtitle or the Federal Credit Union Act (12 U.S.C. 
Section 1751 et seq.) and an officer, employee, or agent of the 
credit union engaged in selling, issuing, or offering a security 
issued by a state or federal credit union are exempt from a law of 
this state to the extent the law provides for supervision, 
registration, or regulation in connection with selling, issuing, or 
offering a security.
	(b)  The sale, issuance, or offering of a security issued by 
a state or federal credit union is legal without any action or 
approval by any official, other than the credit union commissioner, 
who is authorized to license, regulate, or supervise the sale, 
issuance, or offering of securities.
	(c)  In this section, "security" has the meaning assigned by 
Section 4, The Securities Act (Article 581-4, Vernon's Texas Civil 
Statutes).

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