Texas § 407A.153 PROHIBITED ACTIVITIES.

Texas Statutes

§ 407A.153 — PROHIBITED ACTIVITIES.

Texas § 407A.153

Code LALabor Code

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Bluebook

Tex. Labor Code Code Ann. § 407A.153 (2026).

Text

Sec. 407A.153. PROHIBITED ACTIVITIES. The board of trustees may not:

(1)extend credit to individual members for payment of a premium, except under payment plans approved by the commissioner; or

(2)without first advising the commissioner of the nature and purpose of the loan and obtaining prior approval from the commissioner, borrow any money from the group or in the name of the group except in the ordinary course of business.

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Sec. 407A.153. PROHIBITED ACTIVITIES. The board of trustees may not:
(1) extend credit to individual members for payment of a premium, except under payment plans approved by the commissioner; or
(2) without first advising the commissioner of the nature and purpose of the loan and obtaining prior approval from the commissioner, borrow any money from the group or in the name of the group except in the ordinary course of business.