122.010 – DEADLINE FOR COMMENCING BUSINESS. (a) A credit
Texas Finance Code § 122.010
Summary
This law requires credit unions in Texas to commence business within six months of receiving approval for their application. If they cannot meet this deadline, they may request an extension from the commissioner for valid reasons.
Credit unions must start operations within six months of approval.
Extensions can be granted for valid reasons upon request.
Incorporators have the right to appeal decisions to the commission.
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In simple terms: Learn about Texas's DEADLINE FOR COMMENCING BUSINESS. (a) A credit law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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