Texas Finance Code 339.004 – Application of Licensing Requirement and Subtitle B to Credit Union or Employee Benefit Plan
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(a) A credit union is not subject to Subtitle B and is not required to obtain a license under this title.
(b) With respect to a loan that an employee benefit plan that is subject to Title I of the Employee Retirement Income Security Act of 1974 (29 U.S.C. Sections 1001-1114) makes to a participant in the plan or a participant’s beneficiary, the plan is not subject to Subtitle B and is not required to obtain a license under this title.
Terms Used In Texas Finance Code 339.004
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC