A credit union may enter into a written agreement with a member under which:
(1) the member is allowed to borrow money from time to time; and
(2) interest may from time to time be computed on the unpaid balance.
Tex. Fin. Code § 124.051
OPEN-END CREDIT PLAN
Known as the Texas Credit Union Act
The act spans §§ 121–149 (219 sections).
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.