CHAPTER 149. MISCELLANEOUS PROVISIONS RELATING TO CREDIT UNIONS - Texas Statutes

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.