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2025 Texas Statutes
Finance Code
Title 3 - Financial Institutions and Businesses
Subtitle D - Credit Unions
Chapter 122 - Organizational and Financial Requirements
Subchapter B. Administration
Section 122.059. Delegation of Management and Loan Approval Authority

Universal Citation:
TX Fin Code § 122.059 (2025)
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Sec. 122.059. DELEGATION OF MANAGEMENT AND LOAN APPROVAL AUTHORITY. (a) Without written approval of the commissioner, a credit union may not:

(1) contract with an individual who is not an officer, director, or employee of the credit union or with an organization for the provision of the management of the credit union; or

(2) delegate to an individual who is not an officer, director, or employee of the credit union or to an organization the authority to manage the credit union.

(b) The board may delegate all or part of its power to approve or disapprove a loan to a credit committee, one or more other committees, or one or more individuals.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2003, 78th Leg., ch. 533, Sec. 20, eff. Sept. 1, 2003.

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