1. 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.
  2. (b) In this section:
    1. (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. (2) "Item":
      1. (A) means an instrument, whether or not negotiable, for the payment of money; and
      2. (B) does not include money.
    Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

The following section was amended by the 86th Legislature. Pending publication of the current statutes, see H.B. 4171, 86th Legislature, Regular Session, for amendments affecting the following section.

  1. 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.
  2. (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.
  3. (c) In this section, "security" has the meaning assigned by Section 4, The Securities Act (Article 581-4, Vernon's Texas Civil Statutes).
  4. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Advertisement

Content on this website is periodically collected from the Texas Legislature's official website. If you notice any errors, please contact Travis Hohl. Travis is not affiliated with the Texas Legislature.

Privacy Policy