reglab/housing_qa huggingface dataset:
TX Govt Code § 4003.201 (2021)
2021 Texas Statutes|Government Code|Title 12 - Securities Act|Chapter 4003 - Securities|Subchapter E. Regulation of Offers|Section 4003.201. Definition

Sec. 4003.201.  DEFINITION.  In this subchapter, "broadcast offer" means an offer disseminated by radio, television, recorded telephone presentation, or other mass media.|Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.|
TX Govt Code § 4003.202 (2021)
2021 Texas Statutes|Government Code|Title 12 - Securities Act|Chapter 4003 - Securities|Subchapter E. Regulation of Offers|Section 4003.202. Applicability

Sec. 4003.202.  APPLICABILITY.  This subchapter does not apply to transactions or securities exempt under Chapter 4005.|Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.|
TX Govt Code § 4003.203 (2021)
2021 Texas Statutes|Government Code|Title 12 - Securities Act|Chapter 4003 - Securities|Subchapter E. Regulation of Offers|Section 4003.203. Authorized Written, Printed, or Broadcast Offers

Sec. 4003.203.  AUTHORIZED WRITTEN, PRINTED, OR BROADCAST OFFERS.  A person may make in this state a written or printed offer, including a pictorial demonstration with any accompanying script, or broadcast offer to sell a security if:(1)  a copy of the offer is filed with the commissioner not later than the 10th day after the date of the offer's first use in this state;(2)  the person making or distributing the offer is a registered dealer or registered agent of a registered dealer;(3)  either:(A)  the security is registered under Subchapter B or C or the commissioner has issued a permit qualifying securities for sale for the security under Subchapter A; or(B)  an application for registration under Subchapter B or C or for a permit under Subchapter A has been filed with the commissioner;(4)  for a registration for the security that has not become effective under Subchapter B or C or for a permit that has not been issued under Subchapter A, the offer prominently states on the first page of a written or printed offer or as a preface to any pictorial or broadcast offer either:(A)  "INFORMATIONAL ADVERTISING ONLY.THE SECURITIES HEREIN DESCRIBED HAVE NOT BEEN QUALIFIED OR REGISTERED FOR SALE IN TEXAS. ANY REPRESENTATION TO THE CONTRARY OR CONSUMMATION OF SALE OF THESE SECURITIES IN TEXAS PRIOR TO QUALIFICATION OR REGISTRATION THEREOF IS A CRIMINAL OFFENSE."; or(B)  other language required by the Securities and Exchange Commission that in the commissioner's opinion will inform investors that the securities may not yet be sold;(5)  the person making or distributing the offer in this state:(A)  has not received written notice of an order prohibiting the offer under Section 4007.101 or 4007.102; or(B)  has received notice of an order described by Paragraph (A) but the order is no longer in effect; and(6)  payment is not accepted from the offeree and no contract of sale is made before registration of the security is effective under Subchapter B or C or a permit is issued under Subchapter A.|Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.|
TX Govt Code § 4003.204 (2021)
2021 Texas Statutes|Government Code|Title 12 - Securities Act|Chapter 4003 - Securities|Subchapter E. Regulation of Offers|Section 4003.204. Authorized Oral Offers

Sec. 4003.204.  AUTHORIZED ORAL OFFERS.  (a) In this section, "oral offer" means an offer that is not a broadcast offer.(b)  A person may make in this state an oral offer to sell a security in person, by telephone, or by other direct individual communication if:(1)  the person making the offer is a registered dealer or registered agent of a registered dealer;(2)  either:(A)  the security is registered under Subchapter B or C or the commissioner has issued a permit qualifying securities for sale for the security under Subchapter A; or(B)  an application for registration under Subchapter B or C or for a permit under Subchapter A has been filed with the commissioner;(3)  the person making or distributing the offer:(A)  has not received written notice of an order prohibiting the offer under Section 4007.101 or 4007.102; or(B)  has received notice of an order described by Paragraph (A) but the order is no longer in effect; and(4)  payment is not accepted from the offeree and no contract of sale is made before registration of the security is effective under Subchapter B or C or a permit is issued under Subchapter A.|Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.|
TX Govt Code § 4003.205 (2021)
2021 Texas Statutes|Government Code|Title 12 - Securities Act|Chapter 4003 - Securities|Subchapter E. Regulation of Offers|Section 4003.205. Dealer Named in Offer

Sec. 4003.205.  DEALER NAMED IN OFFER.  A dealer whose name is included in a written, printed, or broadcast offer along with the name of a registered dealer is not deemed, on that fact alone, to have made an offer in this state to sell a security.|Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.|
TX Govt Code § 4003.206 (2021)
2021 Texas Statutes|Government Code|Title 12 - Securities Act|Chapter 4003 - Securities|Subchapter E. Regulation of Offers|Section 4003.206. Effect of Compliance or Noncompliance

Sec. 4003.206.  EFFECT OF COMPLIANCE OR NONCOMPLIANCE.  (a) An offer to sell a security that complies with Section 4003.203 or 4003.204 does not violate Subchapter A, B, or C.(b)  An offer to sell a security that does not comply with Section 4003.203 or 4003.204 violates this title.|Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.|
TX Govt Code § 4003.251 (2021)
2021 Texas Statutes|Government Code|Title 12 - Securities Act|Chapter 4003 - Securities|Subchapter F. Crowdfunding|Section 4003.251. Definition

Sec. 4003.251.  DEFINITION.  In this subchapter, "authorized small business development entity" means:(1)  a Type A corporation authorized under Chapter 504, Local Government Code;(2)  a Type B corporation authorized under Chapter 505, Local Government Code;(3)  a nonprofit organization authorized by an agency or authority of the federal government to distribute housing and community development block grants;(4)  a municipal corporation;(5)  the Texas Veterans Commission; or(6)  a nonprofit community development financial institution certified by the Community Development Financial Institutions Fund.|Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.|
TX Govt Code § 4003.252 (2021)
2021 Texas Statutes|Government Code|Title 12 - Securities Act|Chapter 4003 - Securities|Subchapter F. Crowdfunding|Section 4003.252. Crowdfunding

Sec. 4003.252.  CROWDFUNDING.  (a)  The board shall adopt rules to regulate and facilitate online intrastate crowdfunding applicable to authorized small business development entities.  The board may create other requirements necessary to carry out this subchapter.(b)  The rules must:(1)  allow an authorized small business development entity to list on the entity's web portal offerings of securities by issuers in which the entity is financially interested;(2)  allow an authorized small business development entity and the entity's web portal to list offerings of securities without offering investment advice;(3)  allow an authorized small business development entity to subcontract the operations of a crowdfunding web portal to a third party as permitted by board rule; and(4)  limit the offerings of securities on an authorized small business development entity's web portal to securities of issuers located within the service area of the entity.|Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.|
TX Govt Code § 4003.301 (2021)
2021 Texas Statutes|Government Code|Title 12 - Securities Act|Chapter 4003 - Securities|Subchapter G. Protection for Purchasers of Securities|Section 4003.301. Deposit in Trust Account

Sec. 4003.301.  DEPOSIT IN TRUST ACCOUNT.  (a)  If the commissioner considers it necessary to protect the interests of prospective purchasers of securities a company sells or offers for sale, the commissioner may require the company to deposit in a trust account at a bank or trust company approved by the commissioner and doing business in this state:(1)  all or part of the proposed securities; or(2)  subject to Subsection (b), all or part of the money and other funds received from the sale of those securities.(b)  A company is not required to deposit funds received from the sale of securities in a trust account to the extent the commissioner considers the funds necessary to be used, provided that the amount of the funds the company is not required to deposit does not exceed the amount allowed as expenses and commissions for the sale of the securities.(c)  The funds must remain on deposit until the proposed or existing company sells a specified monetary amount or number of shares of the securities that in the commissioner's opinion will reasonably assure the public's protection.(d)  When the commissioner makes a written determination that the terms of the escrow agreement have been fully met, the bank or trust company in which the funds of a proposed or existing corporation are deposited in a trust account as provided by this section shall transfer to the corporation and the corporation's executive officers the funds to allow the corporation to use the securities or money in the corporation's business.(e)  If a proposed or existing company that deposits funds in a trust account as provided by this section does not sell the minimum amount of capital necessary under the escrow agreement within two years, the commissioner may authorize the bank or trust company at which the funds are deposited to return to the subscribers the portion of the funds that were deposited or escrowed under the escrow agreement.  The bank or trust company shall return the funds to the subscribers on receipt of authorization from the commissioner under this subsection.  If the bank or trust company holds securities under the escrow agreement, the bank or trust company may return the securities to the corporation only after the bank or trust company receives from the issuer evidence of cancellation thereof.(f)  A dealer or issuer of securities shall provide to the commissioner and the bank or trust company at the time the dealer or issuer makes the deposit required by this section:(1)  the names of the purchasers of or subscribers for the securities; and(2)  the amount of money paid by each.|Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.|
TX Govt Code § 4003.302 (2021)
2021 Texas Statutes|Government Code|Title 12 - Securities Act|Chapter 4003 - Securities|Subchapter G. Protection for Purchasers of Securities|Section 4003.302. Marketing Expenses

Sec. 4003.302.  MARKETING EXPENSES.  (a)  Total expenses for marketing securities, including all commissions for the sale of the securities, and all other incidental selling expenses, may not in the aggregate exceed 20 percent of the price at which the stock or other securities of a proposed or existing company are to be sold or offered for sale to the public of this state.(b)  The commissioner may reduce the percentage listed in Subsection (a) to a percentage that in the commissioner's opinion is fair, just, and equitable under the facts of the particular case.|Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.|
TX Govt Code § 4003.303 (2021)
2021 Texas Statutes|Government Code|Title 12 - Securities Act|Chapter 4003 - Securities|Subchapter G. Protection for Purchasers of Securities|Section 4003.303. Prospectus Required for Certain Offers

Sec. 4003.303.  PROSPECTUS REQUIRED FOR CERTAIN OFFERS.  (a)  Except as provided by Subsection (b), the commissioner shall require that, in connection with a permit qualifying securities for sale, all offers for the sale of the securities be made through a prospectus that:(1)  fairly discloses the material facts about the plan of finance and business; and(2)  must be filed with and approved by the commissioner.(b)  The prospectus requirements of this section are satisfied if the applicant files a prospectus or offering circular with the commissioner that is also filed with the Securities and Exchange Commission under the Securities Act of 1933 (15 U.S.C. Section 77a et seq.) or the regulations under that law.(c)  Failure to comply with the prospectus requirements of this section violates this title.|Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.|
TX Govt Code § 4003.304 (2021)
2021 Texas Statutes|Government Code|Title 12 - Securities Act|Chapter 4003 - Securities|Subchapter G. Protection for Purchasers of Securities|Section 4003.304. Investor Education

Sec. 4003.304.  INVESTOR EDUCATION.  (a)  The commissioner, with board approval, shall develop and implement investor education initiatives to inform the public about the basics of investing in securities. The initiatives must place a special emphasis on the prevention and detection of securities fraud.  Materials developed for and distributed as part of the initiatives must be published in both English and Spanish.(b)  In developing and implementing the initiatives, the commissioner shall use the commissioner's best efforts to collaborate with public or nonprofit entities with an interest in investor education.(c)  For use in providing investor education initiatives and subject to Chapter 575, the commissioner may accept grants and donations from:(1)  a person who is not affiliated with the securities industry; or(2)  a nonprofit association, regardless of whether the entity is affiliated with the securities industry.|Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.|
TX Govt Code § 4004.001 (2021)
2021 Texas Statutes|Government Code|Title 12 - Securities Act|Chapter 4004 - Regulation of Dealers, Investment Advisers, Dealers' Agents, and Investment Adviser Representatives|Subchapter A. General Provisions|Section 4004.001. Rules for Exemption From Registration Requirements

Sec. 4004.001.  RULES FOR EXEMPTION FROM REGISTRATION REQUIREMENTS.  The board may adopt rules that exempt certain classes of persons from the dealer, agent, investment adviser, and investment adviser representative registration requirements, or provide conditional exemptions from registration, if the board determines that the rules are consistent with the purposes of this title.|Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.|
TX Govt Code § 4004.002 (2021)
2021 Texas Statutes|Government Code|Title 12 - Securities Act|Chapter 4004 - Regulation of Dealers, Investment Advisers, Dealers' Agents, and Investment Adviser Representatives|Subchapter A. General Provisions|Section 4004.002. Certain Displays or Advertisement of Registration Prohibited

Sec. 4004.002.  CERTAIN DISPLAYS OR ADVERTISEMENT OF REGISTRATION PROHIBITED.  Except as expressly provided by this title, a dealer, agent, investment adviser, or investment adviser representative may not by public display or advertisement use the fact that the person is registered under this title, the person's registration certificate or evidence of registration, or a certified copy of the certificate or evidence of registration in connection with any sale or effort to sell any security or any rendering of services as an investment adviser.|Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.|
TX Govt Code § 4004.003 (2021)
2021 Texas Statutes|Government Code|Title 12 - Securities Act|Chapter 4004 - Regulation of Dealers, Investment Advisers, Dealers' Agents, and Investment Adviser Representatives|Subchapter A. General Provisions|Section 4004.003. Display of Information Regarding Complaints

Sec. 4004.003.  DISPLAY OF INFORMATION REGARDING COMPLAINTS.  A dealer, agent, investment adviser, or investment adviser representative regulated under this title shall prominently display at all times in the person's place of business:(1)  a sign containing the name, mailing address, and telephone number of the board; and(2)  a statement informing consumers that complaints against a dealer, agent, investment adviser, or investment adviser representative may be directed to the board.|Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.|
TX Govt Code § 4004.051 (2021)
2021 Texas Statutes|Government Code|Title 12 - Securities Act|Chapter 4004 - Regulation of Dealers, Investment Advisers, Dealers' Agents, and Investment Adviser Representatives|Subchapter B. Registration of Dealers and Investment Advisers|Section 4004.051. Registration of Dealers Required

Sec. 4004.051.  REGISTRATION OF DEALERS REQUIRED.  Except as provided by Section 4001.056(d) or Subchapter A, Chapter 4005, a dealer or other person or company, including a corporation or firm, may not, directly or through the dealer's or other person's or company's agents, offer for sale, sell, or make a sale of any securities in this state unless the dealer or other person or company is first registered as provided by this chapter.|Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.|
TX Govt Code § 4004.052 (2021)
2021 Texas Statutes|Government Code|Title 12 - Securities Act|Chapter 4004 - Regulation of Dealers, Investment Advisers, Dealers' Agents, and Investment Adviser Representatives|Subchapter B. Registration of Dealers and Investment Advisers|Section 4004.052. Registration of Investment Advisers Required

Sec. 4004.052.  REGISTRATION OF INVESTMENT ADVISERS REQUIRED.  Except as provided by Subchapter A, Chapter 4005, a person may not, directly or through the person's investment adviser representative, render services as an investment adviser in this state unless the person:(1)  is registered under this chapter;(2)  submits a notice filing as provided by Subchapter G; or(3)  is otherwise exempt under this title.|Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.|
TX Govt Code § 4004.054 (2021)
2021 Texas Statutes|Government Code|Title 12 - Securities Act|Chapter 4004 - Regulation of Dealers, Investment Advisers, Dealers' Agents, and Investment Adviser Representatives|Subchapter B. Registration of Dealers and Investment Advisers|Section 4004.054. Issuance of Registration Certificate

Sec. 4004.054.  ISSUANCE OF REGISTRATION CERTIFICATE.  The commissioner shall issue a certificate of registration to an applicant for registration as a dealer or investment adviser if:(1)  the commissioner is satisfied that the applicant has complied with the requirements of this chapter; and(2)  the applicant:(A)  if applicable, has filed a written consent to service that complies with Section 4001.102; and(B)  has paid the fees required by Chapter 4006.|Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.|
TX Govt Code § 4004.055 (2021)
2021 Texas Statutes|Government Code|Title 12 - Securities Act|Chapter 4004 - Regulation of Dealers, Investment Advisers, Dealers' Agents, and Investment Adviser Representatives|Subchapter B. Registration of Dealers and Investment Advisers|Section 4004.055. Form and Contents of Registration Certificate

Sec. 4004.055.  FORM AND CONTENTS OF REGISTRATION CERTIFICATE.  The registration certificate must be in the form the commissioner prescribes and must state:(1)  the principal place of business and address of the dealer or investment adviser;(2)  the name and business address of each person interested in the business as a principal, officer, director, or managing agent of the dealer or investment adviser; and(3)  that the dealer or investment adviser has been registered for a current calendar year as a dealer in securities or as an investment adviser, as appropriate.|Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.|
TX Govt Code § 4004.056 (2021)
2021 Texas Statutes|Government Code|Title 12 - Securities Act|Chapter 4004 - Regulation of Dealers, Investment Advisers, Dealers' Agents, and Investment Adviser Representatives|Subchapter B. Registration of Dealers and Investment Advisers|Section 4004.056. Temporary Permission to Engage in Business as Dealer or Investment Adviser

Sec. 4004.056.  TEMPORARY PERMISSION TO ENGAGE IN BUSINESS AS DEALER OR INVESTMENT ADVISER.  (a)  Pending final disposition of an application under this subchapter, the commissioner may, for special cause shown, grant an applicant temporary permission to engage in business as a dealer or investment adviser under this title, subject to any terms and conditions that the commissioner prescribes.(b)  Temporary permission granted by the commissioner under this section may be revoked at any time.(c)  A dealer or investment adviser acting under temporary permission granted under this section is considered to be a registered dealer or registered investment adviser for any purpose of this title.|Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.|
TX Govt Code § 4004.057 (2021)
2021 Texas Statutes|Government Code|Title 12 - Securities Act|Chapter 4004 - Regulation of Dealers, Investment Advisers, Dealers' Agents, and Investment Adviser Representatives|Subchapter B. Registration of Dealers and Investment Advisers|Section 4004.057. Amendment of Registration Certificate

Sec. 4004.057.  AMENDMENT OF REGISTRATION CERTIFICATE.  (a)  A dealer or investment adviser shall immediately certify under oath to the commissioner any change in the personnel of a partnership or in the principals, officers, directors, or managing agents of the dealer or investment adviser.(b)  A change in the registration certificate required as the result of a change described by Subsection (a) may be made at any time by submitting to the commissioner a written application that specifies the reason for the change.(c)  On the issuance of an amended registration certificate, the dealer or investment adviser shall promptly surrender the original certificate and any outstanding certified copies of the original certificate to the commissioner.|Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.|
TX Govt Code § 4004.058 (2021)
2021 Texas Statutes|Government Code|Title 12 - Securities Act|Chapter 4004 - Regulation of Dealers, Investment Advisers, Dealers' Agents, and Investment Adviser Representatives|Subchapter B. Registration of Dealers and Investment Advisers|Section 4004.058. Posting Registration Certificates

Sec. 4004.058.  POSTING REGISTRATION CERTIFICATES.  On receipt of a registration certificate issued under this chapter, the dealer or investment adviser named in the certificate shall immediately post and conspicuously display the certificate at all times in the dealer's or investment adviser's principal place of business, if the dealer's or investment adviser's principal place of business is maintained in this state. The dealer or investment adviser shall similarly post and conspicuously display a duplicate copy of the dealer's or investment adviser's certificate in each branch office located in this state.|Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.|
TX Govt Code § 4004.101 (2021)
2021 Texas Statutes|Government Code|Title 12 - Securities Act|Chapter 4004 - Regulation of Dealers, Investment Advisers, Dealers' Agents, and Investment Adviser Representatives|Subchapter C. Registration of Agents and Investment Adviser Representatives|Section 4004.101. Registration of Agents

Sec. 4004.101.  REGISTRATION OF AGENTS.  (a)  An agent may not, on behalf of a registered dealer, sell, offer for sale, or make a sale of any securities in this state unless the agent is registered as an agent for that particular registered dealer under this chapter.(b)  On written application by a registered dealer, and on satisfactory compliance with the requirements of this title, the commissioner shall register a person as an agent of the registered dealer.|Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.|