FINANCE CODE
CHAPTER 149. MISCELLANEOUS PROVISIONS RELATING TO CREDIT UNIONS
§ 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, § 1, eff. Sept. 1, 1997.
§ 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, § 1, eff. Sept. 1, 1997.
