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Texas Finance Code - Chapter 124 Loans And InvestmentsLegal Research Home > Texas Lawyer > Finance Code > Texas Finance Code - Chapter 124 Loans And Investments A credit union may make a loan to a member: (1) in accordance with rules adopted by the commission; (2) for a purpose the credit ... The interest rate on a loan to a member may not exceed: (1) 1-1/2 percent per month on the unpaid balance; or (2) a higher ... A credit union may not make a loan to a member or a business interest of the member if the loan would cause the aggregate ... A credit union loan must be evidenced by a written instrument. Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. ... Subtitle B, Title 4, does not apply to a credit union loan or extension of credit unless the agreement that evidences the transaction specifically provides ... 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 ... A credit union may approve in advance a line of credit and grant advances to a member within the limit of the extension of credit. ... An additional loan application is not required under an open-end credit plan under Section 124.051 or line of credit under Section 124.052 if the aggregate ... A credit union may require a member to pay all reasonable expenses and fees incurred in connection with making, closing, disbursing, extending, readjusting, or renewing ... A payment authorized by Section 124.101 may be: (1) collected by the credit union and: (A) retained by the credit union; or (B) paid to ... An expense or fee authorized by Section 124.101 is not interest. Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. ... A loan may be prepaid in whole or in part, without penalty, during regular working hours on any day on which the credit union is ... A credit union may require a partial prepayment that is made on a loan secured by a lien or mortgage on or other type of ... (a) A credit union, in accordance with its bylaws, may charge a member a penalty when a loan payment is past due. (b) A credit ... Only if done in accordance with limitations imposed by Section 124.202, a credit union may make a loan or extend a line of credit to: ... 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 ... A credit union may permit a director, senior management employee, or member of the credit committee to act as comaker, guarantor, or endorser of a ... 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 ... The illegality of a loan is not a defense in a credit union's action to recover on the loan. Acts 1997, 75th Leg., ch. 1008, ... The illegality of a loan does not prevent enforcement of the loan agreement against or collection of the loan from a person who is otherwise ... A credit union may market and sell participations in loans to members originated by the credit union to another credit union, corporation, or financial organization. ... A credit union may participate in: (1) a guaranteed loan program of the United States government or a state government; and (2) another government loan ... (a) A credit union may invest money not used in loans to members in: (1) capital shares, obligations, participation certificates, or common or preferred stock ... (a) An investment under Section 124.351(a)(1) may be made only if: (1) the membership or ownership of the agency, association, or company is restricted to ... Last modified: August 10, 2007 |