{"data":{"id":"us-tx/tex.-finance-code-122.253","jurisdiction":"us-tx","citation":"Tex. Finance Code § 122.253","heading":"LOAN TO NONMEMBER.","body":"(a) A person commits an offense if the person:\n(1) is a director, honorary director, advisory director, committee member, officer, or employee of a credit union; and\n(2) knowingly permits a loan to be made to a nonmember or participates in a loan to a nonmember.\n(b) An offense under this section is a Class B misdemeanor.\n(c) A person who commits an offense described by Subsection (a) is primarily liable to the credit union for the amount illegally loaned. The illegality of the loan is not a defense in an action by the credit union to recover on the loan.\n(d) Extending credit to a nonmember as a comaker with a member or extending credit to a nonmember for the sale of property owned by the credit union or for the sale of assets acquired in liquidation or repossession is authorized and is not a loan to a nonmember. Acquiring a promissory note or other asset by a share and deposit guaranty corporation or credit union authorized under Section 15.410, on which a nonmember is liable, is not a loan to a nonmember.\nActs 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.","path":["FINANCE CODE","TITLE 3. FINANCIAL INSTITUTIONS AND BUSINESSES","SUBTITLE D. CREDIT UNIONS","CHAPTER 122. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS","SUBCHAPTER F. MISCONDUCT AND ENFORCEMENT"],"source_url":"https://statutes.capitol.texas.gov/Docs/FI/htm/FI.122.htm#122.253","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:13Z","sha256":"5638065155a024bb0c496c44751a7a554a5d0a3d765721506b56a83727a434bd","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-finance-code-122.252","next":"us-tx/tex.-finance-code-122.254"},"notice":"GroundRules: Original legal text. Not legal advice."}