125.305 – ACCOUNT TRANSACTION INQUIRIES. The credit union
Texas Finance Code § 125.305
Summary
This law clarifies that credit unions are not obligated to ask trustees about the purpose of transactions or how withdrawn or borrowed funds will be used. This provision affects credit unions and their interactions with trustees managing accounts.
Credit unions have no inquiry obligation regarding transaction purposes.
Trustees can withdraw or borrow without explaining reasons.
This law simplifies transaction processes for credit unions.
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In simple terms: Learn about Texas's ACCOUNT TRANSACTION INQUIRIES. The 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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