123.201 – POWER TO BORROW OR LEND. (a) A credit union
Texas Finance Code § 123.201
Summary
This law allows credit unions to lend and borrow funds while imposing limits on borrowing. It requires credit unions to obtain prior approval from the commissioner if their debt exceeds 500% of a specified amount.
Credit unions can lend and borrow funds as permitted by law.
Prior approval is needed for debts exceeding 500% of a specified limit.
Regulates financing transactions to ensure compliance with applicable rules.
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In simple terms: Learn about Texas's POWER TO BORROW OR LEND. (a) A credit union 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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