LIMITATIONS ON LOANS
Known as the Texas Credit Union Act
The act spans §§ 121.001 to 149.002 (219 sections).
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff
A credit union may not make a loan to a member or a business interest of the member if the loan would cause the aggregate amount of loans to the member and the member's business interests to exceed:
(1) an amount equal to 10 percent of the credit union's total assets; or
(2) a lesser amount established by commission rule.
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.