reglab/statecodes huggingface dataset:
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4007 - Enforcement › Subchapter D. Civil Proceedings › Section 4007.153. Equitable Relief and Restitution

Sec. 4007.153.  EQUITABLE RELIEF AND RESTITUTION.  (a)  On the commissioner's request, the attorney general may, in addition to other remedies, seek:
(1)  equitable relief, including restitution, for a victim of a fraudulent practice; and
(2)  the disgorgement of any economic benefit gained by a defendant through an act or practice that violates this title or for which this title provides the commissioner and attorney general with a remedy.
(b)  The attorney general may seek the remedies described by Subsection (a) either in:
(1)  an action under Section 4007.152; or
(2)  a separate action brought in district court.
(c)  The court may:
(1)  grant any equitable relief the court considers appropriate; and
(2)  order the defendant to deliver to each victim of an act or practice that violates this title, or for which this title provides the commissioner or the attorney general with a remedy, the amount of money or the property the defendant obtained from the victim, including any bonus, fee, commission, option, proceeds, or profit from or loss avoided through the sale of the security or through the rendering of services as an investment adviser or investment adviser representative, or any other tangible benefit.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4007 - Enforcement › Subchapter D. Civil Proceedings › Section 4007.154. Civil Penalty

Sec. 4007.154.  CIVIL PENALTY.  (a)  On the commissioner's request, the attorney general may, in addition to other remedies, seek a civil penalty to be paid to the state in an amount that, when added to the amount of any administrative fine previously assessed under Section 4007.106(b), does not exceed:
(1)  the greater of:
(A)  $20,000 per violation; or
(B)  the gross amount of any economic benefit gained by the person or company as a result of the commission of the act or practice; and
(2)  if the act or practice was committed against a person 65 years of age or older, an additional amount of not more than $250,000.
(b)  The attorney general may seek a civil penalty under this section either in:
(1)  an action under Section 4007.152; or
(2)  a separate action in district court.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4007 - Enforcement › Subchapter D. Civil Proceedings › Section 4007.155. Recovery of Costs

Sec. 4007.155.  RECOVERY OF COSTS.  In an action brought under Section 4007.152, 4007.153, or 4007.154, the attorney general may recover reasonable costs and expenses incurred by the attorney general in bringing the action.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4007 - Enforcement › Subchapter E. Criminal Provisions › Section 4007.201. Unauthorized Sale of Securities; Offense

Sec. 4007.201.  UNAUTHORIZED SALE OF SECURITIES; OFFENSE.  (a)  A person commits an offense if the person sells, offers for sale or delivery, solicits subscriptions to or orders for, disposes of, invites orders for, or deals in any other manner in a security issued after September 6, 1955, unless:
(1)  the security has been registered under Subchapter B or C, Chapter 4003; or
(2)  a permit qualifying securities for sale has been issued under Subchapter A, Chapter 4003, with respect to the security.
(b)  A person commits an offense if the person sells, offers for sale or delivery, solicits subscriptions to or orders for, disposes of, invites offers for, or deals in any other manner in a security without being a registered dealer or registered agent as provided in this title.
(c)  An offense under this section is a felony of the third degree.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4007 - Enforcement › Subchapter E. Criminal Provisions › Section 4007.202. Unauthorized Rendering of Services as Investment Adviser or Investment Adviser Representative; Offense

Sec. 4007.202.  UNAUTHORIZED RENDERING OF SERVICES AS INVESTMENT ADVISER OR INVESTMENT ADVISER REPRESENTATIVE; OFFENSE.  (a)  A person commits an offense if the person:
(1)  renders services as an investment adviser or investment adviser representative; and
(2)  is not registered as an investment adviser or investment adviser representative as required by this title.
(b)  An offense under this section is a felony of the third degree.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4007 - Enforcement › Subchapter E. Criminal Provisions › Section 4007.203. Fraudulent Conduct; Offense

Sec. 4007.203.  FRAUDULENT CONDUCT; OFFENSE.  (a)  A person commits an offense if:
(1)  the person directly or indirectly:
(A)  engages in any fraud or fraudulent practice;
(B)  employs any device, scheme, or artifice to defraud;
(C)  knowingly makes an untrue statement of a material fact or omits to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading; or
(D)  engages in any act, practice, or course of business that operates or will operate as a fraud or deceit on any person; and
(2)  the applicable conduct is committed in connection with:
(A)  the sale of, the offering for sale or delivery of, the purchase of, the offer to purchase, invitation of offers to purchase, invitations of offers to sell, or dealing in any other manner in any security, regardless of whether the transaction or security is exempt under Chapter 4005; or
(B)  the rendering of services as an investment adviser or an investment adviser representative.
(b)  An offense under this section is:
(1)  a felony of the third degree, if the amount involved in the offense is less than $10,000;
(2)  a felony of the second degree, if the amount involved in the offense is $10,000 or more but less than $100,000; or
(3)  a felony of the first degree, if the amount involved is $100,000 or more.
(c)  An indictment for an offense under this section may be brought only before the fifth anniversary of the date the offense was committed.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4007 - Enforcement › Subchapter E. Criminal Provisions › Section 4007.204. Materially False Statement in Document or Proceeding; Offense

Sec. 4007.204.  MATERIALLY FALSE STATEMENT IN DOCUMENT OR PROCEEDING; OFFENSE.  (a)  A person commits an offense if the person knowingly makes or causes to be made any statement in a document filed with the commissioner or in a proceeding under this title that is, at the time and in light of the circumstances under which the statement is made, false or misleading in any material respect.
(b)  An offense is established under this section regardless of whether the document or proceeding relates to a transaction or security that is exempt under Chapter 4005.
(c)  An offense under this section is a felony of the third degree.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4007 - Enforcement › Subchapter E. Criminal Provisions › Section 4007.205. False Statement or Representation Concerning Registration; Offense

Sec. 4007.205.  FALSE STATEMENT OR REPRESENTATION CONCERNING REGISTRATION; OFFENSE.  (a)  A person commits an offense if the person knowingly makes a false statement or representation concerning a registration made or an exemption claimed under this title.
(b)  An offense under this section is a state jail felony.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4007 - Enforcement › Subchapter E. Criminal Provisions › Section 4007.206. Violation of Cease and Desist Order; Offense

Sec. 4007.206.  VIOLATION OF CEASE AND DESIST ORDER; OFFENSE.  (a)  A person commits an offense if the person knowingly violates a cease and desist order issued by the commissioner under Section 4007.101, 4007.102, or 4007.104.
(b)  An offense under this section is a felony of the third degree.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4007 - Enforcement › Subchapter E. Criminal Provisions › Section 4007.207. Noncompliant Offer or Offer Prohibited by Cease Publication Order; Offense

Sec. 4007.207.  NONCOMPLIANT OFFER OR OFFER PROHIBITED BY CEASE PUBLICATION ORDER; OFFENSE.  (a)  A person commits an offense if the person:
(1)  makes an offer of a security in this state that does not comply with the requirements governing offers specified in Subchapter E, Chapter 4003; or
(2)  knowingly makes an offer of a security in this state that is prohibited by a cease publication order issued by the commissioner under Section 4007.103.
(b)  An offense under this section is a state jail felony.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4007 - Enforcement › Subchapter E. Criminal Provisions › Section 4007.208. Aggregation of Amounts

Sec. 4007.208.  AGGREGATION OF AMOUNTS.  When amounts are obtained in violation of this title pursuant to one scheme or continuing course of conduct, whether from the same or several sources, the conduct may be considered as one offense and the amounts aggregated in determining the grade of the offense.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4007 - Enforcement › Subchapter E. Criminal Provisions › Section 4007.209. Liability of Corporation

Sec. 4007.209.  LIABILITY OF CORPORATION.  (a)  In this section:
(1)  "Association" and "corporation" have the meanings assigned by Section 1.07, Penal Code.
(2)  "High managerial agent" has the meaning assigned by Section 7.21, Penal Code.
(b)  If conduct constituting an offense under this subchapter is performed by an agent acting on behalf of a corporation or association and within the scope of the agent's office or employment, the corporation or association is criminally responsible for the offense only if the commission of the offense was authorized, requested, commanded, performed, or recklessly tolerated by:
(1)  a majority of the governing board acting on behalf of the corporation or association; or
(2)  a high managerial agent acting on behalf of the corporation or association and within the scope of the high managerial agent's office or employment.
(c)  It is an affirmative defense to prosecution of a corporation or association under Subsection (b) that the high managerial agent having supervisory responsibility over the subject matter of the offense employed due diligence to prevent the commission of the offense.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4008 - Private Rights of Action › Subchapter A. General Provisions › Section 4008.001. Unenforceability of Illegal Contracts

Sec. 4008.001.  UNENFORCEABILITY OF ILLEGAL CONTRACTS.  A person may not base a suit on a contract if the person:
(1)  made or engaged in the performance of the contract in violation of this title or a rule, order, or requirement under this title; or
(2)  acquired any purported right under the contract with knowledge of the facts by reason of which the contract's making or performance was in violation of this title or a rule, order, or requirement under this title.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4008 - Private Rights of Action › Subchapter A. General Provisions › Section 4008.002. Certain Waivers Void

Sec. 4008.002.  CERTAIN WAIVERS VOID.  A condition, stipulation, or provision is void if it binds a buyer or seller of a security or a purchaser of services rendered by an investment adviser or investment adviser representative to waive compliance with this title or a rule, order, or requirement under this title.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4008 - Private Rights of Action › Subchapter A. General Provisions › Section 4008.003. Action for Collection of Commission or Compensation

Sec. 4008.003.  ACTION FOR COLLECTION OF COMMISSION OR COMPENSATION.  (a)  This section does not apply to a person or company that rendered services in connection with a transaction that is exempt under Subchapter A, Chapter 4005, or under a rule adopted by the board under Section 4005.024 if the person or company was not required to be registered by the terms of the exemption.
(b)  A person or company may not bring or maintain any action in a court of this state for collection of a commission or compensation for services rendered in the sale or purchase of securities unless the person or company alleges and proves that:
(1)  the person or company was:
(A)  registered under this title; or
(B)  exempt from registration under rules adopted under Section 4004.001; and
(2)  the securities sold were registered under this title at the time the alleged cause of action arose.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4008 - Private Rights of Action › Subchapter A. General Provisions › Section 4008.004. Stay of Recognition or Enforcement of Foreign-Country Judgment

Sec. 4008.004.  STAY OF RECOGNITION OR ENFORCEMENT OF FOREIGN-COUNTRY JUDGMENT.  (a)  Before a court's recognition or enforcement of a foreign-country judgment under Chapter 36A, Civil Practice and Remedies Code, or otherwise, a party against whom recognition or enforcement of the foreign-country judgment is sought is entitled to de novo review by a court in this state to determine whether a party, or the party's successors, assigns, agents, or representatives seeking recognition or enforcement of the foreign-country judgment have violated this title or Chapter 17, Business & Commerce Code.
(b)  A party seeking de novo review under this section must file with the court a verified pleading asserting a violation of this title or Chapter 17, Business & Commerce Code, not later than the 30th day after the date of service of the notice of filing of the foreign-country judgment with the court for recognition or enforcement.
(c)  A pleading filed in accordance with Subsection (b) operates as a stay of the commencement or continuation of a proceeding to recognize or enforce the foreign-country judgment until the court completes its de novo review under this section and renders a final judgment.
(d)  A finding by a court of a violation of this title or Chapter 17, Business & Commerce Code, is a sufficient ground for nonrecognition of a foreign-country judgment.
(e)  This section applies to a foreign-country judgment involving a contract or agreement for a sale, offer for sale, or sell as defined by this title, or investment, that imposes an obligation of indemnification or liquidated damages on a resident of this state.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4008 - Private Rights of Action › Subchapter A. General Provisions › Section 4008.005. Survivability of Action

Sec. 4008.005.  SURVIVABILITY OF ACTION.  A cause of action under this title survives the death of a person who might have been a plaintiff or defendant.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4008 - Private Rights of Action › Subchapter A. General Provisions › Section 4008.006. Saving of Existing Rights and Remedies

Sec. 4008.006.  SAVING OF EXISTING RIGHTS AND REMEDIES.  The rights and remedies provided by this title are in addition to any other rights, including exemplary damages, or remedies that exist.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4008 - Private Rights of Action › Subchapter B. Civil Liability for Issuance, Sale, or Purchase of Securities › Section 4008.051. Offeror or Seller Liability: Registration and Related Violations

Sec. 4008.051.  OFFEROR OR SELLER LIABILITY: REGISTRATION AND RELATED VIOLATIONS.
Text of subsection as amended by Acts 2021, 87th Leg., R.S., Ch. 41 (S.B. 1280), Sec. 1, eff. January 1, 2022.
(a)  A person who offers or sells a security in violation of the following is liable to a person who buys the security from the offeror or seller:
(1)  Section 4003.001(a), 4004.051, 4004.052, 4004.101(a), 4004.102(a), or 4007.103;
(2)  Subchapter G, Chapter 4003, other than Section 4003.304, or a requirement of the commissioner under Subchapter G, Chapter 4003, other than Section 4003.304; or
(3)  an order under Section 4007.101 or 4007.104.
(b)  The buyer of the security may sue for:
(1)  rescission; or
(2)  damages if the buyer no longer owns the security.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
Amended by:
Acts 2021, 87th Leg., R.S., Ch. 41 (S.B. 1280), Sec. 1, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4008 - Private Rights of Action › Subchapter B. Civil Liability for Issuance, Sale, or Purchase of Securities › Section 4008.052. Offeror or Seller Liability: Untruth or Omission

Sec. 4008.052.  OFFEROR OR SELLER LIABILITY: UNTRUTH OR OMISSION.  (a)  Except as provided by Subsection (c), a person who offers or sells a security and from whom another person buys the security is liable to the buyer of the security, regardless of whether the security or transaction is exempt under Chapter 4005, if the person offers or sells the security by means of an untrue statement of a material fact or an omission to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading.
(b)  The buyer may sue for:
(1)  rescission; or
(2)  damages if the buyer no longer owns the security.
(c)  Except as provided by Subsection (d), a person offering or selling a security is not liable under Subsection (a) if the person sustains the burden of proof that either:
(1)  the buyer knew of the untruth or omission; or
(2)  the offeror or seller did not know, and in the exercise of reasonable care could not have known, of the untruth or omission.
(d)  The issuer of the security, other than a government issuer identified in Section 4005.017, is not entitled to the defense in Subsection (c)(2) regarding an untruth or omission:
(1)  in a prospectus required in connection with an application or registration statement under Subchapter A, B, or C, Chapter 4003; or
(2)  in a writing prepared and delivered by the issuer in the sale of the security.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4008 - Private Rights of Action › Subchapter B. Civil Liability for Issuance, Sale, or Purchase of Securities › Section 4008.053. Buyer Liability

Sec. 4008.053.  BUYER LIABILITY.  (a)  Except as provided by Subsection (c), a person who offers to buy or buys a security and to whom another person sells the security is liable to the seller, regardless of whether the security or transaction is exempt under Chapter 4005, if the person offers to buy or buys the security by means of an untrue statement of a material fact or an omission to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading.
(b)  The seller may sue for:
(1)  rescission; or
(2)  damages if the buyer no longer owns the security.
(c)  A person who offers to buy or buys a security is not liable under Subsection (a) if the offeror or buyer sustains the burden of proof that either:
(1)  the seller knew of the untruth or omission; or
(2)  the offeror or buyer did not know, and in the exercise of reasonable care could not have known, of the untruth or omission.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4008 - Private Rights of Action › Subchapter B. Civil Liability for Issuance, Sale, or Purchase of Securities › Section 4008.054. Nonselling Issuer Liability

Sec. 4008.054.  NONSELLING ISSUER LIABILITY.  (a)  This section applies only to an issuer that registers under Subchapter A, B, or C, Chapter 4003, or under Section 6, Securities Act of 1933 (15 U.S.C. Section 77f), the issuer's outstanding securities for offer and sale by or for the owner of the securities.
(b)  Except as provided by Subsection (d), the issuer is liable to a person buying the registered security if the prospectus required in connection with the registration contains, as of its effective date, an untrue statement of a material fact or an omission to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading.
(c)  The buyer of the registered security may sue for:
(1)  rescission; or
(2)  damages if the buyer no longer owns the security.
(d)  The issuer is not liable under Subsection (b) if the issuer sustains the burden of proof that the buyer knew of the untruth or omission.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4008 - Private Rights of Action › Subchapter B. Civil Liability for Issuance, Sale, or Purchase of Securities › Section 4008.055. Controlling Person or Aider Liability

Sec. 4008.055.  CONTROLLING PERSON OR AIDER LIABILITY.  (a)  Except as provided by Subsection (b), a person who directly or indirectly controls a seller, buyer, or issuer of a security is liable under Section 4008.051, 4008.052, 4008.053, or 4008.054 jointly and severally with the seller, buyer, or issuer and to the same extent as the seller, buyer, or issuer.
(b)  The controlling person is not liable under Subsection (a) if the controlling person sustains the burden of proof that the controlling person did not know, and in the exercise of reasonable care could not have known, of the existence of the facts by reason of which the liability is alleged to exist.
(c)  A person who directly or indirectly with intent to deceive or defraud or with reckless disregard for the truth or the law materially aids a seller, buyer, or issuer of a security is liable under Section 4008.051, 4008.052, 4008.053, or 4008.054 jointly and severally with the seller, buyer, or issuer and to the same extent as the seller, buyer, or issuer.
(d)  There is contribution under this section as in cases of contract among the several persons who are liable.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4008 - Private Rights of Action › Subchapter B. Civil Liability for Issuance, Sale, or Purchase of Securities › Section 4008.056. Rescission

Sec. 4008.056.  RESCISSION.  (a)  On rescission under this subchapter, a buyer of a security shall, on tender of the security or a security of the same class and series, recover the consideration the buyer paid for the security plus interest on the consideration at the legal rate from the date the buyer made the payment, less the amount of any income the buyer received on the security.
(b)  On rescission under this subchapter, a seller of a security shall recover the security or a security of the same class and series, on tender of the consideration the seller received for the security plus interest on the consideration at the legal rate from the date the seller received the payment, less the amount of any income the buyer received on the security.
(c)  For a buyer suing under Section 4008.054, the consideration the buyer paid for the security is deemed to be the lesser of:
(1)  the price the buyer paid; or
(2)  the price at which the security was offered to the public.
(d)  A tender specified in this section may be made at any time before a judgment is entered.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4008 - Private Rights of Action › Subchapter B. Civil Liability for Issuance, Sale, or Purchase of Securities › Section 4008.057. Damages

Sec. 4008.057.  DAMAGES.  (a)  In damages under this subchapter, a buyer of a security shall recover the consideration the buyer paid for the security plus interest on the consideration at the legal rate from the date the buyer made the payment, less the greater of:
(1)  the value of the security at the time the buyer disposed of the security plus the amount of any income the buyer received on the security; or
(2)  the actual consideration received for the security at the time the buyer disposed of the security plus the amount of any income the buyer received on the security.
(b)  In damages under this subchapter, a seller of a security shall recover the value of the security at the time of sale plus the amount of any income the buyer received on the security, less the consideration paid to the seller for the security plus interest on the consideration at the legal rate from the date of payment to the seller.
(c)  For a buyer suing under Section 4008.054, the consideration the buyer paid for the security is deemed to be the lesser of:
(1)  the price the buyer paid; or
(2)  the price at which the security was offered to the public.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4008 - Private Rights of Action › Subchapter B. Civil Liability for Issuance, Sale, or Purchase of Securities › Section 4008.059. Requirements of Rescission Offer to Sellers

Sec. 4008.059.  REQUIREMENTS OF RESCISSION OFFER TO SELLERS.  (a) A rescission offer is sufficient for purposes of Section 4008.062(c) only if the offer meets the requirements of this section.
(b)  The offer must include financial and other information material to the offeree's decision whether to accept the offer.  The offer may not contain an untrue statement of a material fact or an omission to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading.
(c)  The offeror shall deposit the securities in escrow in a state or national bank doing business in this state, or in another bank approved by the commissioner.
(d)  The terms of the offer must be the same, excluding costs and attorney's fees, as the seller would recover on rescission under Section 4008.056(b).
(e)  The offer must state:
(1)  the terms of the offer, as determined under Subsection (d), which must be given:
(A)  to the extent practicable, in terms of a specified number and kind of securities and a specified rate of interest for a period starting at a specified date; and
(B)  to the extent necessary, in terms of specified elements that are known to the offeree but not to the offeror, subject to the provision of reasonable evidence by the offeree;
(2)  the name and address of the bank at which the terms of the offer will be carried out;
(3)  that the offeree will receive the securities within a specified number of days that is not more than 30 days after the date the bank receives, in form reasonably acceptable to the offeror and in compliance with the instructions in the offer:
(A)  the amount required by the terms of the offer; and
(B)  evidence, if necessary, of elements described by Subdivision (1)(B);
(4)  in a conspicuous manner that the offeree may not sue on the offeree's sale under this subchapter unless:
(A)  the offeree accepts the offer but does not receive the securities, in which case the offeree may sue within the time allowed by Section 4008.062(c)(1) or (2), as applicable; or
(B)  the offeree rejects the offer in writing within 30 days of the date the offeree receives the offer and expressly reserves in the rejection the right to sue, in which case the offeree may sue not later than one year after the date of the rejection;
(5)  in reasonable detail, the nature of the violation of this title that occurred or may have occurred; and
(6)  any other information the offeror wants to include.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4008 - Private Rights of Action › Subchapter B. Civil Liability for Issuance, Sale, or Purchase of Securities › Section 4008.060. Costs; Attorney's Fees

Sec. 4008.060.  COSTS; ATTORNEY'S FEES.  (a)  On rescission or as a part of damages under this subchapter, a buyer or a seller of a security shall also recover costs.
(b)  On rescission or as a part of damages under this subchapter, a buyer or a seller of a security may also recover reasonable attorney's fees if the court finds that the recovery is equitable under the circumstances.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4008 - Private Rights of Action › Subchapter B. Civil Liability for Issuance, Sale, or Purchase of Securities › Section 4008.061. Limitation of Liability in Small Business Issuances

Sec. 4008.061.  LIMITATION OF LIABILITY IN SMALL BUSINESS ISSUANCES.  (a)  In this section, "small business issuer" means an issuer that, at the time of an offer to which this section applies:
(1)  has annual gross revenues in an amount that does not exceed $25 million; and
(2)  does not have a class of equity securities registered, or required to be registered, with the Securities and Exchange Commission under Section 12, Securities Exchange Act of 1934 (15 U.S.C. Section 78l).
(b)  This section applies only to:
(1)  an offer of securities in an aggregate amount that does not exceed $5 million made by a small business issuer or by the seller of securities of a small business issuer; and
(2)  a person who has been engaged to provide services relating to an offer of securities described by Subdivision (1), including an attorney, an accountant, a consultant, or the firm of the attorney, accountant, or consultant.
(c)  In an action or series of actions under this subchapter relating to an offer of securities to which this section applies, the maximum amount that may be recovered against a person to whom this section applies is three times the fee paid by the small business issuer or other seller to the person for the services related to the offer of securities, unless the trier of fact finds the person engaged in intentional wrongdoing in providing the services.
(d)  A small business issuer making an offer of securities shall:
(1)  provide to the prospective buyer a written disclosure of the limitation of liability created by this section; and
(2)  receive a signed acknowledgment that the disclosure was provided.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4008 - Private Rights of Action › Subchapter B. Civil Liability for Issuance, Sale, or Purchase of Securities › Section 4008.062. Statute of Limitations

Sec. 4008.062.  STATUTE OF LIMITATIONS.  (a)  A person may not sue under Section 4008.051 or 4008.055 to the extent that section relates to Section 4008.051:
(1)  more than three years after the date of the sale;
(2)  if the person received a rescission offer meeting the requirements of Section 4008.058 before suit, unless the person:
(A)  rejected the offer in writing within 30 days of the date the person received the offer; and
(B)  expressly reserved in the rejection the right to sue; or
(3)  more than one year after the date the person so rejected a rescission offer meeting the requirements of Section 4008.058.
(b)  A person may not sue under Section 4008.052, 4008.054, or 4008.055 to the extent that section relates to Section 4008.052 or 4008.054:
(1)  more than three years after the date of discovery of the untruth or omission, or after the date discovery should have been made by the exercise of reasonable diligence;
(2)  more than five years after the date of the sale;
(3)  if the person received a rescission offer meeting the requirements of Section 4008.058 before suit, unless the person:
(A)  rejected the offer in writing within 30 days of the date the person received the offer; and
(B)  expressly reserved in the rejection the right to sue; or
(4)  more than one year after the date the person so rejected a rescission offer meeting the requirements of Section 4008.058.
(c)  A person may not sue under Section 4008.053 or 4008.055 to the extent that section relates to Section 4008.053:
(1)  more than three years after the date of discovery of the untruth or omission, or after the date discovery should have been made by the exercise of reasonable diligence;
(2)  more than five years after the date of the purchase;
(3)  if the person received a rescission offer meeting the requirements of Section 4008.059 before suit, unless the person:
(A)  rejected the offer in writing within 30 days of the date the person received the offer; and
(B)  expressly reserved in the rejection the right to sue; or
(4)  more than one year after the date the person so rejected a rescission offer meeting the requirements of Section 4008.059.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4008 - Private Rights of Action › Subchapter C. Civil Liability of Investment Advisers and Investment Adviser Representatives › Section 4008.101. Investment Adviser or Investment Adviser Representative Liability

Sec. 4008.101.  INVESTMENT ADVISER OR INVESTMENT ADVISER REPRESENTATIVE LIABILITY.  (a)  An investment adviser or investment adviser representative who renders services as an investment adviser in violation of Section 4004.052 or 4004.102(a) or an order under Section 4007.102 or 4007.104 is liable to the purchaser, who may sue for damages in the amount of any consideration paid for the services.
(b)  Except as provided by Subsection (c), an investment adviser or investment adviser representative who commits fraud or engages in a fraudulent practice in rendering services as an investment adviser is liable to the purchaser, who may sue for damages.
(c)  An investment adviser or investment adviser representative who in rendering services as an investment adviser makes an untrue statement of a material fact or omits to state a material fact necessary in order to make the statement made, in light of the circumstances under which the statement is made, not misleading is not liable under Subsection (b) if the adviser or representative proves:
(1)  the purchaser knew of the truth or omission; or
(2)  the adviser or representative did not know, and in the exercise of reasonable care could not have known, of the untruth or omission.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4008 - Private Rights of Action › Subchapter C. Civil Liability of Investment Advisers and Investment Adviser Representatives › Section 4008.102. Controlling Person or Aider Liability

Sec. 4008.102.  CONTROLLING PERSON OR AIDER LIABILITY.  (a)  Except as provided by Subsection (b), a person who directly or indirectly controls an investment adviser is jointly and severally liable with the investment adviser under this subchapter and to the same extent as the investment adviser.
(b)  The controlling person is not liable under Subsection (a) if the controlling person sustains the burden of proof that the controlling person did not know, and in the exercise of reasonable care could not have known, of the existence of the facts by reason of which liability is alleged to exist.
(c)  A person who directly or indirectly with intent to deceive or defraud or with reckless disregard for the truth or the law materially aids an investment adviser in conduct for which a cause of action is authorized by this subchapter is jointly and severally liable with the investment adviser in an action to recover damages under this subchapter.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4008 - Private Rights of Action › Subchapter C. Civil Liability of Investment Advisers and Investment Adviser Representatives › Section 4008.103. Damages

Sec. 4008.103.  DAMAGES.  In damages under Section 4008.101(b), the purchaser is entitled to recover:
(1)  the amount of any consideration paid for the services, less the amount of any income the purchaser received from acting on the services;
(2)  any loss incurred by the purchaser in acting on the services provided by the investment adviser or investment adviser representative;
(3)  interest at the legal rate for judgments accruing from the date the purchaser paid the consideration; and
(4)  to the extent the court considers equitable, court costs and reasonable attorney's fees.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4008 - Private Rights of Action › Subchapter C. Civil Liability of Investment Advisers and Investment Adviser Representatives › Section 4008.104. Statute of Limitations

Sec. 4008.104.  STATUTE OF LIMITATIONS.  (a)  A person may not sue under Section 4008.101(a) more than three years after the date the violation occurs.
(b)  A person may not sue under Section 4008.101(b) more than:
(1)  five years after the date the violation occurs; or
(2)  three years after the date the person knew or should have known, by the exercise of reasonable diligence, of the occurrence of the violation.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 12 - Securities Act › Chapter 4008 - Private Rights of Action › Subchapter C. Civil Liability of Investment Advisers and Investment Adviser Representatives › Section 4008.105. Remedy Not Exclusive

Sec. 4008.105.  REMEDY NOT EXCLUSIVE.  A remedy provided by this subchapter is not exclusive of any other applicable remedy provided by law.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
2023 Texas Statutes › Health and Safety Code › Title 1 - General Provisions › Chapter 1 - General Provisions › Section 1.001. Purpose of Code

Sec. 1.001.  PURPOSE OF CODE.  (a)  This code is enacted as a part of the state's continuing statutory revision program, begun by the Texas Legislative Council in 1963 as directed by the legislature in the law codified as Chapter 323, Government Code.  The program contemplates a topic-by-topic revision of the state's general and permanent statute law without substantive change.
(b)  Consistent with the objectives of the statutory revision program, the purpose of this code is to make the law encompassed by this code more accessible and understandable, by:
(1)  rearranging the statutes into a more logical order;
(2)  employing a format and numbering system designed to facilitate citation of the law and to accommodate future expansion of the law;
(3)  eliminating repealed, duplicative, unconstitutional, expired, executed, and other ineffective provisions;  and
(4)  restating the law in modern American English to the greatest extent possible.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.
2023 Texas Statutes › Health and Safety Code › Title 1 - General Provisions › Chapter 1 - General Provisions › Section 1.002. Construction of Code

Sec. 1.002.  CONSTRUCTION OF CODE.  Chapter 311, Government Code (Code Construction Act), applies to the construction of each provision in this code except as otherwise expressly provided by this code.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.
2023 Texas Statutes › Health and Safety Code › Title 1 - General Provisions › Chapter 1 - General Provisions › Section 1.003. Internal References

Sec. 1.003.  INTERNAL REFERENCES.  In this code:
(1)  a reference to a title, chapter, or section without further identification is a reference to a title, chapter, or section of this code;  and
(2)  a reference to a subtitle, subchapter, subsection, subdivision, paragraph, or other numbered or lettered unit without further identification is a reference to a unit of the next larger unit of this code in which the reference appears.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.
2023 Texas Statutes › Health and Safety Code › Title 1 - General Provisions › Chapter 1 - General Provisions › Section 1.004. Reference in Law to Statute Revised by Code

Sec. 1.004.  REFERENCE IN LAW TO STATUTE REVISED BY CODE.  A reference in a law to a statute or a part of a statute revised by this code is considered to be a reference to the part of this code that revises that statute or part of the statute.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.
2023 Texas Statutes › Health and Safety Code › Title 1 - General Provisions › Chapter 1 - General Provisions › Section 1.005. Definitions

Sec. 1.005.  DEFINITIONS.  In this code:
(1)  "Artificial swimming lagoon" means an artificial body of water used for recreational purposes with more than 20,000 square feet of surface area, an artificial liner, and a method of disinfectant. The term does not include a body of water open to the public that continuously recirculates water from a spring or a pool.
(2)  "Licensed practitioner" includes a sex offender treatment provider who is licensed under Chapter 110, Occupations Code.
(3)  "Public swimming pool" means an artificial body of water, including a spa, maintained expressly for public recreational purposes, swimming and similar aquatic sports, or therapeutic purposes.  The term does not include an artificial swimming lagoon or a body of water open to the public that continuously recirculates water from a spring.
Added by Acts 2005, 79th Leg., Ch. 1089 (H.B. 2036), Sec. 1, eff. September 1, 2005.
Amended by:
Acts 2017, 85th Leg., R.S., Ch. 821 (H.B. 1468), Sec. 1, eff. June 15, 2017.
2023 Texas Statutes › Health and Safety Code › Title 2 - Health › Subtitle A - Department of State Health Services › Chapter 11 - General Provisions › Section 11.001. Definitions

Sec. 11.001.  DEFINITIONS.  In this title:
(1)  "Commission" means the Health and Human Services Commission.
(2)  "Commissioner" means the commissioner of state health services.
(3)  "Department" means the Department of State Health Services.
(4)  "Executive commissioner" means the executive commissioner of the Health and Human Services Commission.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1993, 73rd Leg., ch. 747, Sec. 15, eff. Sept. 1, 1993.
Amended by:
Acts 2015, 84th Leg., R.S., Ch. 1 (S.B. 219), Sec. 3.0003, eff. April 2, 2015.
2023 Texas Statutes › Health and Safety Code › Title 2 - Health › Subtitle A - Department of State Health Services › Chapter 12 - Powers and Duties of Department of State Health Services › Subchapter A. General Powers and Duties › Section 12.0001. Commissioner's Powers and Duties; Effect of Conflict With Other Law

Text of section effective on April 01, 2025
Sec. 12.0001.  COMMISSIONER'S POWERS AND DUTIES; EFFECT OF CONFLICT WITH OTHER LAW.  To the extent a power or duty given to the commissioner by this title or another law conflicts with any of the following provisions of the Government Code, the Government Code provision controls:
(1)  Subchapter A, Chapter 524;
(2)  Section 524.0101;
(3)  Sections 524.0151(a)(2) and (b);
(4)  Section 524.0202; and
(5)  Section 525.0254.
Added by Acts 1999, 76th Leg., ch. 1460, Sec. 2.18, eff. Sept. 1, 1999.
Amended by:
Acts 2015, 84th Leg., R.S., Ch. 1 (S.B. 219), Sec. 3.0010, eff. April 2, 2015.
Acts 2023, 88th Leg., R.S., Ch. 769 (H.B. 4611), Sec. 2.23, eff. April 1, 2025.
2023 Texas Statutes › Health and Safety Code › Title 2 - Health › Subtitle A - Department of State Health Services › Chapter 12 - Powers and Duties of Department of State Health Services › Subchapter A. General Powers and Duties › Section 12.0001. Commissioner's Powers and Duties; Effect of Conflict With Other Law

Text of section effective until April 01, 2025
Sec. 12.0001.  COMMISSIONER'S POWERS AND DUTIES; EFFECT OF CONFLICT WITH OTHER LAW.   To the extent a power or duty given to the commissioner by this title or another law conflicts with Section 531.0055, Government Code, Section 531.0055 controls.
Added by Acts 1999, 76th Leg., ch. 1460, Sec. 2.18, eff. Sept. 1, 1999.
Amended by:
Acts 2015, 84th Leg., R.S., Ch. 1 (S.B. 219), Sec. 3.0010, eff. April 2, 2015.
Acts 2023, 88th Leg., R.S., Ch. 769 (H.B. 4611), Sec. 2.23, eff. April 1, 2025.
2023 Texas Statutes › Health and Safety Code › Title 2 - Health › Subtitle A - Department of State Health Services › Chapter 12 - Powers and Duties of Department of State Health Services › Subchapter A. General Powers and Duties › Section 12.001. General Powers and Duties of Executive Commissioner

Sec. 12.001.  GENERAL POWERS AND DUTIES OF EXECUTIVE COMMISSIONER.  (a)  The executive commissioner has general supervision and control over all matters relating to the health of the citizens of this state.
(b)  The executive commissioner shall  adopt rules for the performance of each duty imposed by law on the executive commissioner, the department, or the commissioner and file a copy of those rules with the department.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.
Amended by:
Acts 2015, 84th Leg., R.S., Ch. 1 (S.B. 219), Sec. 3.0010, eff. April 2, 2015.
2023 Texas Statutes › Health and Safety Code › Title 2 - Health › Subtitle A - Department of State Health Services › Chapter 12 - Powers and Duties of Department of State Health Services › Subchapter A. General Powers and Duties › Section 12.0011. Investigations in General

Sec. 12.0011.  INVESTIGATIONS IN GENERAL.  Subject to the oversight of the executive commissioner, the department shall  examine, investigate, enter, and inspect any public place or public building as the department determines necessary for the discovery and suppression of disease and the enforcement of any health or sanitation law of this state.
Amended by:
Acts 2015, 84th Leg., R.S., Ch. 1 (S.B. 219), Sec. 3.0010, eff. April 2, 2015.