Tex. Fin. Code § 124.204

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 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.

Tex. Fin. Code § 124.204

Amended by Acts 2003, 78th Leg., ch. 533, Sec. 40, eff. 9/1/2003.