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Tex. Finance Code § 124.204

PRIOR APPROVAL REQUIRED

Texas · Texas Finance Code · Status: effective

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Tex. Finance Code § 124.204, PRIOR APPROVAL REQUIRED, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/645986
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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.