(a) In this section, “secondary capital account” means a nontransactional account in an amount greater than $100,000 as established by the commission that is:
(1) owned by a person other than an individual; and
(2) subordinated to other creditors.
(b) A credit union may apply to the commissioner for the designation of the credit union as an underserved-area credit union.

(c) The commissioner may designate a credit union as an underserved-area credit union only if:
(1) at least 50 percent of a substantial and well-defined segment of the credit union’s members or potential members who are at least 15 years of age earn not more than 80 percent of the state or national household median income, whichever is higher;
(2) the credit union submits an acceptable written strategic plan for marketing to and serving the segment described by Subdivision (1); and
(3) the credit union submits other information and satisfies other criteria as may reasonably be required by the commissioner.
(d) In addition to the powers and authorities granted to credit unions under this subtitle or otherwise, an underserved-area credit union may:
(1) issue secondary capital accounts to members or nonmembers of the credit union on the filing of an application with and the advance approval of the commissioner; and
(2) accept shares and deposits from nonmembers.
(e) The commission may adopt rules for the organization and operation of underserved-area credit unions, including rules requiring disclosures to purchasers of secondary capital accounts and other rules concerning those accounts.