126.454 – CREDIT UNION OPERATIONS BEFORE AND AFTER VOTE.
Texas Finance Code § 126.454
Summary
This law allows the commissioner to impose restrictions on a credit union's operations after notifying members about a potential voluntary liquidation. It limits member withdrawals and prohibits new credit extensions during this period to protect the credit union's financial stability.
Commissioner can restrict credit union operations during liquidation consideration.
Members cannot withdraw amounts exceeding share insurance coverage.
No new credit extensions allowed during this period.
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In simple terms: Learn about Texas's CREDIT UNION OPERATIONS BEFORE AND AFTER VOTE. 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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