Texas § 123.201 POWER TO BORROW OR LEND.

Texas Statutes

§ 123.201 — POWER TO BORROW OR LEND.

Texas § 123.201

Code FIFinance Code

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Bluebook

Tex. Finance Code Code Ann. § 123.201 (2026).

Text

Sec. 123.201. POWER TO BORROW OR LEND.

(a)A credit union may:

(1)lend its funds, or engage in any other type of financing transaction authorized by applicable law or rules adopted by the commission; and

(2)borrow money from any source, subject to Subsection (b).

(b)A credit union may not incur a debt without the commissioner's prior approval if the debt will cause the debt of the credit union, including a deposit of a nonmember financial institution, to exceed an amount equal to 500 percent of the credit union's unencumbered reserves and undivided earnings.

(c)The commissioner shall grant or deny a request for approval under Subsection (b) not later than the 10th day after the date on which the request is made.

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Sec. 123.201. POWER TO BORROW OR LEND. (a) A credit union may:
(1) lend its funds, or engage in any other type of financing transaction authorized by applicable law or rules adopted by the commission; and
(2) borrow money from any source, subject to Subsection (b).
(b) A credit union may not incur a debt without the commissioner's prior approval if the debt will cause the debt of the credit union, including a deposit of a nonmember financial institution, to exceed an amount equal to 500 percent of the credit union's unencumbered reserves and undivided earnings.
(c) The commissioner shall grant or deny a request for approval under Subsection (b) not later than the 10th day after the date on which the request is made.