CHAPTER 149. MISCELLANEOUS PROVISIONS RELATING TO CREDIT UNIONS
FINANCE CODE
TITLE 3. FINANCIAL INSTITUTIONS AND BUSINESSES
SUBTITLE D. CREDIT UNIONS
CHAPTER 149. MISCELLANEOUS PROVISIONS RELATING TO CREDIT UNIONS
Sec. 149.001. APPLICABILITY OF CHAPTERS 3 AND 4, BUSINESS &
COMMERCE CODE. (a) Chapters 3 and 4, Business & Commerce
Code, determine the rights, responsibilities, and liabilities of
a person regarding an item drawn on, transferred to, or
presented, remitted, collected, settled, negotiated, or otherwise
handled by a credit union as if the credit union were a bank,
unless otherwise provided by written agreement of the parties.
(b) In this section:
(1) "Credit union" means a credit union authorized to do
business in this state under this subtitle or the Federal Credit
Union Act (12 U.S.C. Section 1751 et seq.).
(2) "Item":
(A) means an instrument, whether or not negotiable, for the
payment of money; and
(B) does not include money.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Sec. 149.002. EXEMPTION FROM SECURITIES LAWS. (a) Except as
required by this subtitle, a credit union authorized to do
business under this subtitle or the Federal Credit Union Act (12
U.S.C. Section 1751 et seq.) and an officer, employee, or agent
of the credit union engaged in selling, issuing, or offering a
security issued by a state or federal credit union are exempt
from a law of this state to the extent the law provides for
supervision, registration, or regulation in connection with
selling, issuing, or offering a security.
(b) The sale, issuance, or offering of a security issued by a
state or federal credit union is legal without any action or
approval by any official, other than the credit union
commissioner, who is authorized to license, regulate, or
supervise the sale, issuance, or offering of securities.
(c) In this section, "security" has the meaning assigned by
Section 4, The Securities Act (Article 581-4, Vernon's Texas
Civil Statutes).
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.