124.053 – ADDITIONAL LOAN APPLICATION NOT REQUIRED. An
Texas Finance Code § 124.053
Summary
This law states that a credit union does not need to require a new loan application for additional credit under an open-end credit plan or line of credit, as long as the total amount does not exceed the established credit limit. This provision simplifies the process for borrowers seeking additional funds without the burden of reapplying.
No new loan application needed for additional credit.
Applies to open-end credit plans and lines of credit.
Aggregate obligation must stay within established credit limits.
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In simple terms: Learn about Texas's ADDITIONAL LOAN APPLICATION NOT REQUIRED. An 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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