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Texas Finance Code - FIN § 124.204. Prior Approval Required

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

The board must give its approval before the credit union permits a director, senior management employee, or member of the credit committee to act as comaker, guarantor, or endorser of a loan to a member if the amount of the loan or aggregate of outstanding loans to the comaker, guarantor, or endorser is greater than the sum of:

(1) $10,000 or a higher amount established by commission rule; and

(2) the amount of the shares and deposits pledged for the loan.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 124.204. Prior Approval Required - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-124-204/

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