| (C) a reasonable time is allowed for exposure in the
open market;
(D) payment is made in cash in U.S. dollars or in terms
of financial arrangements comparable thereto; and
(E) the price represents the normal consideration for
the property sold unaffected by special or creative financing or sales
concessions granted by anyone associated with the sale.
(21) Metropolitan Statistical Area (MSA)--a geographic
area as defined by the director of the U.S. Office of Management and
Budget.
(22) Mobile office--a branch office that does not have
a single, permanent site, including a vehicle that travels to various
public locations to enable members to conduct their credit union business.
(23) Office--includes any service facility or place
of business established by a credit union at which deposits are received,
checks or share drafts paid, or money lent. This definition includes
a credit union owned branch, a mobile branch, an office operated on
a regularly scheduled weekly basis, a credit union owned ATM, or a
credit union owned ITM or other electronic facility that meets, at
a minimum, these requirements; however, it does not include the credit
union's Internet website. This definition also includes a shared branch
or a shared branch network if either:
(A) the credit union has an ownership interest in the
service facility either directly or through a CUSO or similar organization;
or
(B) the service facility is local to the credit union
and the credit union is an authorized participant in the service center.
(24) Overlap--the situation which exists when a group
of persons is eligible for membership in two or more state, foreign,
or federal credit unions doing business in this state. Notwithstanding
this provision, no overlap exists if eligibility for credit union
membership results solely from a family relationship.
(25) Pecuniary interest--the opportunity, directly
or indirectly, to make money on or share in any profit or benefit
derived from a transaction.
(26) Person--an individual, partnership, corporation,
association, government, governmental subdivision or agency, business
trust, estate, trust, or any other public or private entity.
(27) Principal office--the home office of a credit
union.
(28) Protestant--a credit union that opposes or objects
to the relief requested by an applicant.
(29) Real estate or real property--an identified parcel
or tract of land. The term includes improvements, easements, rights
of way, undivided or future interest and similar rights in a tract
of land, but does not include mineral rights, timber rights, growing
crops, water rights and similar interests severable from the land
when the transaction does not involve the associated parcel or tract
of land.
(30) Remote service facility--an automated, unstaffed
credit union facility owned or operated by, or operated for, the credit
union, such as an automated teller machine, cash dispensing machine,
point-of-sale terminal, or other remote electronic facility, at which
deposits are received, cash dispensed, or money lent.
(31) Reserves--allocations of retained earnings including
regular and special reserves, except for any allowances for loan,
lease or investment losses.
(32) Resident of this state--a person physically located
in, living in or employed in the state of Texas.
(33) Respondent--a credit union or other person against
whom a disciplinary proceeding is directed by the department.
(34) Secured credit--a loan made or extension of credit
given upon an assignment of an interest in collateral pursuant to
applicable state laws so as to make the enforcement or promise more
certain than the mere personal obligation of the debtor or promisor.
Any assignment may include an interest in personal property or real
property or a combination thereof.
(35) Shared service center--a facility which is connected
electronically with two or more credit unions so as to permit the
facility, through personnel at the facility and the electronic connection,
to provide a credit union member at the facility the same credit union
services that the credit union member could lawfully obtain at the
principal office of the member's credit union.
(36) TAC--an acronym for the Texas Administrative Code,
a compilation of all state agency rules in Texas.
(37) Title or 7 TAC--Title 7, Part VI of the Texas
Administrative Code Banking and Securities, which contains all of
the department's rules.
(38) Underserved area--a geographic area, which could
be described as one or more contiguous metropolitan statistical areas
(MSA) or one or more contiguous political subdivisions, including
counties, cities, and towns, that satisfy any one of the following
criteria:
(A) a majority of the residents earn less than 80 percent
of the average for all wage earners as established by the U.S. Bureau
of Labor Statistics;
(B) the annual household income for a majority of the
residents falls at or below 80 percent of the median household income
for the State of Texas, or the nation, whichever is higher; or
(C) the commission makes a determination that the lack
of available or adequate financial services has adversely affected
economic development within the specified area.
(39) Uninsured membership share--funds paid into a
credit union by a member that constitute uninsured capital under conditions
established by the credit union and agreed to by the member including
possible reduction under §122.105 of the act, risk of loss through
operations, or other forfeiture. Such funds shall be considered an
interest in the capital of the credit union upon liquidation, merger,
or conversion.
(40) Unsecured credit--a loan or extension of credit
based solely upon the general credit financial standing of the borrower.
The term shall include loans or other extensions of credit supported
by the signature of a co-maker, guarantor, or endorser.
(b) The same rules of construction that apply to interpretation
of Texas statutes and codes, the definitions in the Act and in Government
Code §2001.003, and the definitions in subsection (a) of this
section govern the interpretation of this title. If any section of
this title is found to conflict with an applicable and controlling
provision of other state or federal law, the section involved shall
be void to the extent of the conflict without affecting the validity
of the rest of this title.
|
| Source Note: The provisions of this §91.101 adopted to be effective November 13, 2000, 25 TexReg 11277; amended to be effective January 7, 2004, 29 TexReg 81; amended to be effective November 14, 2004, 29 TexReg 10253; amended to be effective November 16, 2005, 30 TexReg 7432; amended to be effective November 8, 2009, 34 TexReg 7620; amended to be effective November 23, 2017, 42 TexReg 6507; amended to be effective November 24, 2019, 44 TexReg 7037 |
