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Texas Finance Code - FIN § 122.107. Notice of Availability of Certain Documents

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A credit union regulated under this subtitle and Chapter 15 shall give notice to the credit union's members of the availability on request of a member of documents related to the credit union's finances and management, including:

(1) a summary of the most recent annual audit;

(2) the most recent statement of financial condition, such as nonconfidential pages of the quarterly call report provided under Section 122.101;

(3) a copy of IRS Form 990 or its successor;  and

(4) any other documents that members are entitled to possess, as determined by the commission.

(b) The notice required by Subsection (a) must be given:

(1) on the credit union's Internet website if the credit union maintains a website;  and

(2) in a newsletter twice a year if the credit union distributes a newsletter.

(c) The commission shall adopt reasonable rules to implement this section, including rules prescribing an alternative method for credit unions that do not maintain an Internet website or distribute a newsletter to provide their members with notice of the documents required by Subsection (a).

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 122.107. Notice of Availability of Certain Documents - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-122-107/

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