Title FI, Finance Code

Sec. 123.102. POWER TO SUE AND DEFEND. A credit union may sue or be sued in the name of the credit union. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 123.103. PURCHASE AND SALE OF PROPERTY. Subject to commission rules, a credit union may purchase, hold, lease, or dispose of property necessary or incidental to the operation or purpose of the credit union. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 123.104. MEMBERSHIP IN OTHER ORGANIZATION; OPERATION AS CENTRAL CREDIT UNION. A credit union may: (1) be a member of: (A) another credit union organized under this subtitle or other law; and (B) another organization approved by the board; or (2) operate, with the commissione…

Sec. 123.105. FEES. (a) A credit union may collect a fee, determined by the board, for services and administrative costs, including a fee for a check or draft that is returned because it is drawn against a closed account or an account containing insufficient or uncollected money,…

Sec. 123.106. CHANGE OF LOCATION. (a) A credit union changing the location of its principal place of business or any additional office or service facility shall notify the commissioner in writing of the new location and the scheduled or effective date of the change. (b) The credi…

Sec. 123.107. INSURANCE FOR MEMBERS. A credit union may purchase or otherwise provide insurance for the benefit or convenience of its members in accordance with applicable law or rules adopted by the commission. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended …

Sec. 123.108. DONATIONS. A credit union may donate to a nonprofit, civic, charitable, or community organization as authorized by the board. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 123.109. SEAL. A credit union may adopt and use a common seal and may alter its seal at any time. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 123.110. RECORDS. (a) A credit union may: (1) copy any record kept by the credit union; and (2) dispose of the original record in accordance with commission rules. (b) A copy of a record is considered an original record for any purpose, including admissibility in evidence as…

Sec. 123.111. RIGHT TO ACT TO MITIGATE OR AVOID LOSS. This subtitle does not prohibit a credit union from investing its money, operating a business, managing or dealing in property, or taking any other action at any time that is reasonably necessary to avoid or mitigate a loss on…

Sec. 123.201. POWER TO BORROW OR LEND. (a) A credit union may: (1) lend its funds, or engage in any other type of financing transaction authorized by applicable law or rules adopted by the commission; and (2) borrow money from any source, subject to Subsection (b). (b) A credit u…

Sec. 123.202. RECEIPT, TRANSFER, AND PAYMENT OF MONEY. A credit union may: (1) receive and disburse money; (2) receive a payment on a share or deposit; and (3) provide for the transfer or withdrawal of money from an account by the means and through the payment systems that the bo…

Sec. 123.203. ACCEPTANCE OF MONEY FOR DEPOSIT FROM ANOTHER ENTITY. A credit union may accept money for deposit by a savings and loan association, a savings association, the savings department of a bank, a commercial bank, a savings bank, a trust company, an insurance company, or …

Sec. 123.204. ACTION AS AGENT OR DEPOSITORY OF UNITED STATES OR OTHER GOVERNMENTAL ENTITY. A credit union may act as agent or depository of and accept for deposit the money of: (1) the United States or an agent or instrumentality of the United States; (2) this or another state; o…

Sec. 123.205. INVESTMENTS AND SECURITIES. (a) In accordance with commission rules, a credit union may: (1) develop and offer investment programs to its members and depositors; or (2) act as agent for its members and depositors in the purchase, sale, or other disposition of a secu…

Sec. 123.206. ACTION AS FISCAL OR TRANSFER AGENT; TRANSFER OF CERTAIN INSTRUMENTS; SIGNATURES. A credit union may: (1) act as fiscal agent or transfer agent; (2) transfer a registered and countersigned certificate of stock, bond, or other evidence of indebtedness; or (3) guarante…

Sec. 123.207. FIDUCIARY POWERS. A credit union may: (1) act, under court order or appointment, as guardian, receiver, trustee, executor, or administrator without giving bond; (2) receive an investment from a person acting as a guardian, receiver, trustee, executor, or administrat…

Sec. 123.208. DIVIDENDS AND INTEREST. (a) A credit union may: (1) declare and pay a dividend on a share; (2) contract for and pay interest on a deposit; or (3) refund interest to a borrower. (b) A dividend or interest may be paid at a rate and on the conditions that the board aut…

Sec. 123.209. TRANSFER SYSTEM. A credit union may establish, operate, or participate in a system that allows the transfer of credit union money or the shares or deposits of its members by electronic or other means, including a clearinghouse association, a data processing or other…

Sec. 123.210. SALE OF CERTAIN INSTRUMENTS OR SECURITIES; FEE. A credit union may: (1) collect, receive, and disburse money: (A) in connection with the sale of a traveler's check, money order, cashier's check or draft, treasurer's draft, similar instrument, or security of any type…

Sec. 123.211. CERTIFICATES OF INDEBTEDNESS. The commission by rule may authorize a credit union to issue certificates of indebtedness that are subordinated to all other claims of credit union creditors. Added by Acts 2003, 78th Leg., ch. 533, Sec. 36, eff. Sept. 1, 2003.

Sec. 123.212. CHECK AND MONEY TRANSFER SERVICES. A credit union may sell to a person within its field of membership negotiable checks, money orders, and other similar money transfer instruments or services and may also cash checks and money orders for a person within its field of…