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2025 Texas Statutes
Finance Code
Title 3 - Financial Institutions and Businesses
Subtitle D - Credit Unions
Chapter 124 - Loans and Investments
Subchapter E. Loans to Directors, Employees, and Credit Committee Members
Section 124.204. Prior Approval Required
Universal Citation:
TX Fin Code § 124.204 (2025)
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Sec. 124.204. PRIOR APPROVAL REQUIRED. The board must give its approval before the credit union permits a director, senior management employee, or member of the credit committee to act as comaker, guarantor, or endorser of a loan to a member if the amount of the loan or aggregate of outstanding loans to the comaker, guarantor, or endorser is greater than the sum of:
(1) $10,000 or a higher amount established by commission rule; and
(2) the amount of the shares and deposits pledged for the loan.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2003, 78th Leg., ch. 533, Sec. 40, eff. Sept. 1, 2003.
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