Tex.
Gov't Code Section 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 (Cease and Desist Order: Offer or Sale of Securities) or 4007.102 (Cease and Desist Order: Investment Adviser or Investment Adviser Representative); 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has received notice of an order described by Paragraph (A) but the order is no longer in effect; and(4)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.
Source:
Section 4003.204 — Authorized Oral Offers, https://statutes.capitol.texas.gov/Docs/GV/htm/GV.4003.htm#4003.204 (accessed Jun. 5, 2024).
