reglab/housing_qa huggingface dataset:
TX Bus & Com Code § 51.002 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 4 - Business Opportunities and Agreements|Chapter 51 - Business Opportunities|Subchapter A. General Provisions|Section 51.002. General Definitions

Sec. 51.002.  GENERAL DEFINITIONS.  In this chapter:(1)  "Business opportunity contract" means an agreement that obligates or is intended to obligate a purchaser to a seller.(2)  "Buy-back" or "secured investment" means a representation that implies a purchaser's payment is protected from loss.(3)  "Equipment" includes electrical devices, video and audio devices, molds, display units, including display racks, and machines, including coin-operated game machines and vending and other machines that dispense products.(4)  "Initial consideration" means the total amount a purchaser is obligated to pay under a business opportunity contract before or at the time products, equipment, supplies, or services are delivered or within six months after the date the purchaser begins operation of the business opportunity plan.  The term means the total sale price if the contract states a specific total sale price for purchase of the business opportunity plan and the total sale price is to be paid as a down payment and one or more additional payments.  The term does not include the not-for-profit sale of sales demonstration materials, samples, or equipment for not more than $500.(5)  "Marketing program" means advice or training that a seller or a person recommended by a seller gives to a purchaser regarding the sale of products, equipment, supplies, or services.  The term includes the preparation or provision of:(A)  a brochure, pamphlet, or advertising material, including promotional literature;(B)  training regarding the promotion, operation, or management of a business opportunity; or(C)  operational, managerial, technical, or financial guidelines or assistance.(6)  "Product" includes tangible personal property.(7)  "Purchaser" means a person who becomes or is solicited to become obligated under a business opportunity contract.(8)  "Seller" means a principal or agent who sells or leases or offers to sell or lease a business opportunity.(9)  "Services" includes any assistance, guidance, direction, work, labor, or other services provided by a seller to initiate or maintain a business opportunity.(10)  "Supplies" includes materials used to make, produce, grow, or breed a product or item.|Amended by: Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.|
TX Bus & Com Code § 51.004 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 4 - Business Opportunities and Agreements|Chapter 51 - Business Opportunities|Subchapter A. General Provisions|Section 51.004. Liberal Construction and Application

Sec. 51.004.  LIBERAL CONSTRUCTION AND APPLICATION.  (a)  This chapter shall be liberally construed and applied to:(1)  protect persons against false, misleading, or deceptive practices in the advertising, offering for sale or lease, or sale or lease of business opportunities; and(2)  provide efficient and economical procedures to secure that protection.(b)  In construing this chapter, a court to the extent possible shall follow the interpretations given by the Federal Trade Commission and the federal courts to Section 5(a)(1), Federal Trade Commission Act (15 U.S.C. Section 45(a)(1)), and 16 C.F.R. Part 436 and their subsequent amendments.|Amended by: Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.|
TX Bus & Com Code § 51.005 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 4 - Business Opportunities and Agreements|Chapter 51 - Business Opportunities|Subchapter A. General Provisions|Section 51.005. Burden of Proof

Sec. 51.005.  BURDEN OF PROOF.  A person who claims to be exempt from this chapter has the burden of proving the exemption.|Amended by: Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.|
TX Bus & Com Code § 51.006 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 4 - Business Opportunities and Agreements|Chapter 51 - Business Opportunities|Subchapter A. General Provisions|Section 51.006. Waiver

Sec. 51.006.  WAIVER.  A waiver of this chapter is contrary to public policy and void.|Amended by: Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.|
TX Bus & Com Code § 51.007 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 4 - Business Opportunities and Agreements|Chapter 51 - Business Opportunities|Subchapter A. General Provisions|Section 51.007. Maintenance of Records

Sec. 51.007.  MAINTENANCE OF RECORDS.  (a)  A seller shall maintain a complete set of books, records, and accounts of business opportunity sales made by the seller.(b)  A document relating to a business opportunity sold or leased shall be maintained until the fourth anniversary of the date of the business opportunity contract.|Amended by: Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.|
TX Bus & Com Code § 51.008 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 4 - Business Opportunities and Agreements|Chapter 51 - Business Opportunities|Subchapter A. General Provisions|Section 51.008. Filing Fee

Sec. 51.008.  FILING FEE. The secretary of state may charge a reasonable fee to cover the costs incurred as a result of a filing required by Subchapter B or Section 51.003 or 51.251.|Amended by: Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.|
TX Bus & Com Code § 51.009 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 4 - Business Opportunities and Agreements|Chapter 51 - Business Opportunities|Subchapter A. General Provisions|Section 51.009. Rules

Sec. 51.009.  RULES. The secretary of state may adopt rules to administer and enforce this chapter.|Amended by: Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.|
TX Bus & Com Code § 51.051 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 4 - Business Opportunities and Agreements|Chapter 51 - Business Opportunities|Subchapter B. Registration of Business Opportunity|Section 51.051. Filing of Disclosure Statements and List of Sellers

Sec. 51.051.  FILING OF DISCLOSURE STATEMENTS AND LIST OF SELLERS.  Before a sale or offer for sale, including advertising, of a business opportunity, the principal seller must register the business opportunity with the secretary of state by filing:(1)  a copy of the disclosure statement required by Subchapter D, except as provided by Section 51.053; and(2)  a list of the name and resident address of any individual who sells or will sell the business opportunity for the principal seller.|Amended by: Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.|
TX Bus & Com Code § 51.052 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 4 - Business Opportunities and Agreements|Chapter 51 - Business Opportunities|Subchapter B. Registration of Business Opportunity|Section 51.052. Updating of Information on File

Sec. 51.052.  UPDATING OF INFORMATION ON FILE.  (a)  A copy of a disclosure statement filed under Section 51.051 must be updated through a new filing:(1)  annually; and(2)  when a material change occurs.(b)  The list filed under Section 51.051(2) must be updated through a new filing every six months.|Amended by: Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.|
TX Bus & Com Code § 51.053 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 4 - Business Opportunities and Agreements|Chapter 51 - Business Opportunities|Subchapter B. Registration of Business Opportunity|Section 51.053. Filing of Disclosure Document From Other Regulatory Agency

Sec. 51.053.  FILING OF DISCLOSURE DOCUMENT FROM OTHER REGULATORY AGENCY.  Instead of filing with the secretary of state a copy of a disclosure statement, a seller may file a copy of a similar document required by the State Securities Board, Securities and Exchange Commission, or Federal Trade Commission that contains all the information required to be disclosed by this chapter.|Amended by: Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.|
TX Bus & Com Code § 51.054 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 4 - Business Opportunities and Agreements|Chapter 51 - Business Opportunities|Subchapter B. Registration of Business Opportunity|Section 51.054. Filing of Copy of Bond or Notification of Account

Sec. 51.054.  FILING OF COPY OF BOND OR NOTIFICATION OF ACCOUNT.  A principal seller who is required to obtain a bond or establish a trust account under Subchapter C shall contemporaneously file with the secretary of state a copy of:(1)  the bond; or(2)  the formal notification by the depository that the trust account is established.|Amended by: Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.|
TX Bus & Com Code § 51.101 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 4 - Business Opportunities and Agreements|Chapter 51 - Business Opportunities|Subchapter C. Bond, Trust Account, or Letter of Credit|Section 51.101. Bond, Trust Account, or Letter of Credit Required

Sec. 51.101.  BOND, TRUST ACCOUNT, OR LETTER OF CREDIT REQUIRED.  (a)  Before a seller makes a representation described by Section 51.003(a)(1) or otherwise represents that the purchaser is assured of making a profit from a business opportunity, the principal seller must:(1)  obtain a surety bond from a surety company authorized to transact business in this state;(2)  establish a trust account; or(3)  obtain an irrevocable letter of credit.(b)  The bond, trust account, or irrevocable letter of credit must be:(1)  in an amount of $25,000 or more; and(2)  in favor of this state.|Amended by: Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.|
TX Bus & Com Code § 51.102 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 4 - Business Opportunities and Agreements|Chapter 51 - Business Opportunities|Subchapter C. Bond, Trust Account, or Letter of Credit|Section 51.102. Action Against Bond, Trust Account, or Letter of Credit

Sec. 51.102.  ACTION AGAINST BOND, TRUST ACCOUNT, OR LETTER OF CREDIT.  (a)  A person may bring an action against the bond, trust account, or irrevocable letter of credit obtained or established under Section 51.101 to recover actual damages for:(1)  a violation of this chapter; or(2)  the seller's breach of:(A)  the business opportunity contract; or(B)  an obligation arising from a business opportunity sale.(b)  The aggregate liability of the surety, trustee, or issuer in an action under Subsection (a) may not exceed the amount of the bond, trust account, or irrevocable letter of credit.|Amended by: Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.|
TX Bus & Com Code § 51.151 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 4 - Business Opportunities and Agreements|Chapter 51 - Business Opportunities|Subchapter D. Disclosure Statement|Section 51.151. Disclosure to Purchaser of Business Opportunity

Sec. 51.151.  DISCLOSURE TO PURCHASER OF BUSINESS OPPORTUNITY.  (a)  Except as provided by Section 51.164, a seller must provide a purchaser with a written disclosure statement that meets the requirements of this subchapter.(b)  The seller must provide the disclosure statement at least 10 business days before the earlier of the date:(1)  the purchaser signs a business opportunity contract; or(2)  the seller receives any consideration.|Amended by: Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.|
TX Bus & Com Code § 51.152 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 4 - Business Opportunities and Agreements|Chapter 51 - Business Opportunities|Subchapter D. Disclosure Statement|Section 51.152. Cover Sheet of Disclosure Statement

Sec. 51.152.  COVER SHEET OF DISCLOSURE STATEMENT.  (a)  A disclosure statement must have a cover sheet titled, in at least 12-point boldface capital letters, "DISCLOSURES REQUIRED BY TEXAS LAW."  The following statement must appear below the title in at least 10-point boldface type:  "The State of Texas has not reviewed and does not endorse, approve, recommend, or sponsor any business opportunity.  The information contained in this disclosure has not been verified by the state.  If you have any questions about this investment, see an attorney before you sign a contract or agreement."(b)  Only the title and required statement may appear on the cover sheet.|Amended by: Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.|
TX Bus & Com Code § 51.153 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 4 - Business Opportunities and Agreements|Chapter 51 - Business Opportunities|Subchapter D. Disclosure Statement|Section 51.153. Contents: Names and Addresses

Sec. 51.153.  CONTENTS:  NAMES AND ADDRESSES.  A disclosure statement must contain:(1)  the name of the seller;(2)  each name under which the seller has transacted, is transacting, or intends to transact business;(3)  the name of any parent or affiliated company that will engage in a business transaction with the purchaser or that takes responsibility for statements made by the seller; and(4)  the names, addresses, and titles of:(A)  the seller's officers, directors, trustees, general partners, general managers, and principal executives;(B)  shareholders owning more than 20 percent of the shares of the seller; and(C)  any other persons responsible for the seller's business activities relating to the sale of business opportunities.|Amended by: Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.|
TX Bus & Com Code § 51.154 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 4 - Business Opportunities and Agreements|Chapter 51 - Business Opportunities|Subchapter D. Disclosure Statement|Section 51.154. Contents: Sales Periods

Sec. 51.154.  CONTENTS:  SALES PERIODS.  A disclosure statement must:(1)  specify the period during which the seller has sold business opportunities; and(2)  specify the period during which the seller has sold business opportunities involving the products, equipment, supplies, or services the seller is offering to the purchaser.|Amended by: Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.|
TX Bus & Com Code § 51.155 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 4 - Business Opportunities and Agreements|Chapter 51 - Business Opportunities|Subchapter D. Disclosure Statement|Section 51.155. Contents: Services Description

Sec. 51.155.  CONTENTS:  SERVICES DESCRIPTION.  A disclosure statement must contain:(1)  a detailed description of the actual services the seller undertakes to perform for the purchaser; and(2)  if the seller promises to perform services in connection with the placement of products, equipment, or supplies at a location:(A)  the full nature of those services; and(B)  the nature of any agreements to be made with the owners or managers of that location.|Amended by: Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.|
TX Bus & Com Code § 51.156 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 4 - Business Opportunities and Agreements|Chapter 51 - Business Opportunities|Subchapter D. Disclosure Statement|Section 51.156. Contents: Updated Financial Statement

Sec. 51.156.  CONTENTS:  UPDATED FINANCIAL STATEMENT.  A disclosure statement must contain a copy of a financial statement of the seller that:(1)  was prepared according to generally accepted accounting principles within the previous 13 months; and(2)  has been updated to reflect any material change in the seller's financial condition.|Amended by: Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.|
TX Bus & Com Code § 51.157 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 4 - Business Opportunities and Agreements|Chapter 51 - Business Opportunities|Subchapter D. Disclosure Statement|Section 51.157. Contents: Training Description

Sec. 51.157.  CONTENTS:  TRAINING DESCRIPTION.  If the seller promises training, the disclosure statement must contain a complete description of the training, including:(1)  the length of the training; and(2)  any costs of the training that the purchaser will be required to incur, including travel and lodging expenses.|Amended by: Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.|
TX Bus & Com Code § 51.158 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 4 - Business Opportunities and Agreements|Chapter 51 - Business Opportunities|Subchapter D. Disclosure Statement|Section 51.158. Contents: Security Description

Sec. 51.158.  CONTENTS:  SECURITY DESCRIPTION.  If the seller is required to obtain a bond or establish a trust account, the disclosure statement must contain one of the following statements, as applicable:(1)  "As required by Texas law, the seller has secured a bond issued by ______, a surety company authorized to do business in this state.  Before signing a contract to purchase this business opportunity, you should confirm the bond's status with the surety company."; or(2)  "As required by Texas law, the seller has established a trust account with ______. Before signing a contract to purchase this business opportunity, you should confirm with the bank or savings institution the current status of the trust account."|Amended by: Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.|
TX Bus & Com Code § 51.159 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 4 - Business Opportunities and Agreements|Chapter 51 - Business Opportunities|Subchapter D. Disclosure Statement|Section 51.159. Contents: Delivery Date; Cancellation of Contract

Sec. 51.159.  CONTENTS:  DELIVERY DATE; CANCELLATION OF CONTRACT.  If the seller is required to deliver to the purchaser the product, equipment, or supplies necessary to begin substantial operation of the business and states a definite or approximate delivery date for the product, equipment, or supplies, the disclosure statement must contain the following statement:  "If the seller fails to deliver the product, equipment, or supplies necessary to begin substantial operation of the business within 45 days of the delivery date stated in your contract, you may notify the seller in writing and cancel your contract."|Amended by: Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.|
TX Bus & Com Code § 51.160 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 4 - Business Opportunities and Agreements|Chapter 51 - Business Opportunities|Subchapter D. Disclosure Statement|Section 51.160. Contents: Sales or Earnings Representation

Sec. 51.160.  CONTENTS:  SALES OR EARNINGS REPRESENTATION.  If the seller makes a statement concerning sales or earnings that may be made through the business opportunity, the disclosure statement must contain a statement disclosing:(1)  the total number of purchasers of business opportunities involving the product, equipment, supplies, or services being offered who to the seller's knowledge have, not earlier than the third year before the date of the disclosure statement, actually achieved sales of or received earnings in the amount or range specified; and(2)  the total number of purchasers who, not earlier than the third year before the date of the disclosure statement, purchased business opportunities involving the product, equipment, supplies, or services being offered.|Amended by: Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.|
TX Bus & Com Code § 51.161 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 4 - Business Opportunities and Agreements|Chapter 51 - Business Opportunities|Subchapter D. Disclosure Statement|Section 51.161. Contents: Legal Action History

Sec. 51.161.  CONTENTS:  LEGAL ACTION HISTORY.  (a)  A disclosure statement must contain a statement disclosing any person described by Section 51.153 who:(1)  has, during the previous seven fiscal years:(A)  been convicted of a felony, or pleaded nolo contendere to a felony charge, involving fraud, embezzlement, fraudulent conversion, or misappropriation of property; or(B)  been held liable in a civil action resulting in a final judgment, or has settled out of court a civil action, involving:(i)  allegations of fraud, embezzlement, fraudulent conversion, or misappropriation of property;(ii)  the use of untrue or misleading representations in an attempt to sell or dispose of property; or(iii)  the use of unfair, unlawful, or deceptive business practices;(2)  is a party to a civil action involving:(A)  allegations of fraud, embezzlement, fraudulent conversion, or misappropriation of property;(B)  the use of untrue or misleading representations in an attempt to sell or dispose of property; or(C)  the use of unfair, unlawful, or deceptive business practices; or(3)  is subject to an injunction or restrictive order relating to business activity as a result of an action brought by a public agency or department.(b)  A statement required by Subsection (a) must include:(1)  the identity and location of any court or agency;(2)  the date of any entry of a plea of nolo contendere, conviction, judgment, or decision;(3)  any penalty imposed;(4)  any damages assessed;(5)  the terms of any settlement or order; and(6)  the date, nature, and issuer of any order or ruling.|Amended by: Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.|
TX Bus & Com Code § 51.162 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 4 - Business Opportunities and Agreements|Chapter 51 - Business Opportunities|Subchapter D. Disclosure Statement|Section 51.162. Contents: Bankruptcy or Reorganization

Sec. 51.162.  CONTENTS:  BANKRUPTCY OR REORGANIZATION.  (a)  A disclosure statement must contain a statement disclosing any person described by Section 51.153 who has, during the previous seven fiscal years:(1)  filed in bankruptcy;(2)  been adjudged bankrupt;(3)  been reorganized because of insolvency; or(4)  been a principal, director, executive officer, or partner of any other person that, during or not later than the first anniversary of the end of the period the person held the position in relation to the other person, filed in bankruptcy, was adjudged bankrupt, or was reorganized because of insolvency.(b)  A statement required by Subsection (a)(4) must include:(1)  the name and location of the person who filed in bankruptcy, was adjudged bankrupt, or was reorganized;(2)  the date of the filing, adjudication, or reorganization; and(3)  any other material fact relating to the filing, adjudication, or reorganization.|Amended by: Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.|
TX Bus & Com Code § 51.163 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 4 - Business Opportunities and Agreements|Chapter 51 - Business Opportunities|Subchapter D. Disclosure Statement|Section 51.163. Contents: Contract Copy

Sec. 51.163.  CONTENTS:  CONTRACT COPY.  A disclosure statement must contain a copy of the business opportunity contract that the seller uses as a matter of course and that will be presented to the purchaser at closing.|Amended by: Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.|
TX Bus & Com Code § 51.164 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 4 - Business Opportunities and Agreements|Chapter 51 - Business Opportunities|Subchapter D. Disclosure Statement|Section 51.164. Use of Disclosure Document From Other Regulatory Agency

Sec. 51.164.  USE OF DISCLOSURE DOCUMENT FROM OTHER REGULATORY AGENCY.  Instead of providing a disclosure statement to a purchaser under this subchapter, a seller may provide a copy of a similar document required by the State Securities Board, Securities and Exchange Commission, or Federal Trade Commission that contains all the information required to be disclosed by this chapter.|Amended by: Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.|