124.201 – AUTHORIZATION. Only if done in accordance with
Texas Finance Code § 124.201
Summary
This law permits credit unions to provide loans or lines of credit to certain individuals, including directors and senior management, as well as their immediate family members, but only under specific limitations outlined in another section. It ensures that such transactions are regulated to prevent conflicts of interest and maintain financial integrity within the credit union.
Allows loans to directors and senior management under specific conditions.
Includes immediate family members in eligible borrowing.
Requires compliance with limitations set in Section 124.202.
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In simple terms: Learn about Texas's AUTHORIZATION. Only if done in accordance with 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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