Tex. Finance Code § 124.202
This is the official text of Tex. Finance Code § 124.202, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 124.202. CONDITIONS OF LOANS.
Official statutory text
A loan or extension of a line of credit under Section 124.201:
(1) must comply with this subtitle and rules adopted under this subtitle with respect to loans to other borrowers;
(2) may not be on terms more favorable than those extended to other borrowers; and
(3) must be approved by the board before the credit union makes or agrees to make the loan if the aggregate amount of the loan and other outstanding loans to the person, the person's business interests, and the person's immediate family is greater than the sum of:
(A) $10,000 or a higher amount established by commission rule; and
(B) the amount of the shares and deposits pledged for the loan.
(1) must comply with this subtitle and rules adopted under this subtitle with respect to loans to other borrowers;
(2) may not be on terms more favorable than those extended to other borrowers; and
(3) must be approved by the board before the credit union makes or agrees to make the loan if the aggregate amount of the loan and other outstanding loans to the person, the person's business interests, and the person's immediate family is greater than the sum of:
(A) $10,000 or a higher amount established by commission rule; and
(B) the amount of the shares and deposits pledged for the loan.
Status: in_force · Read it on the official government site
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