Tex. Gov't Code Section 4003.204
Authorized Oral Offers


In this section, “oral offer” means an offer that is not a broadcast offer.


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:


the person making the offer is a registered dealer or registered agent of a registered dealer;




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


an application for registration under Subchapter B or C or for a permit under Subchapter A has been filed with the commissioner;


the person making or distributing the offer:


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


has received notice of an order described by Paragraph (A) but the order is no longer in effect; and


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.

Source: Section 4003.204 — Authorized Oral Offers, https://statutes.­capitol.­texas.­gov/Docs/GV/htm/GV.­4003.­htm#4003.­204 (accessed Jun. 5, 2024).

Jun. 5, 2024

§ 4003.204’s source at texas​.gov