Tex. Gov't Code Section 4005.004
Isolated Transactions

(a)

The exemption provided by Section 4005.001 (Scope of Exemption) applies to the sale of a security that is made by a vendor or on a vendor’s behalf by a dealer or other agent and is made in the ordinary course of a bona fide personal investment of the vendor’s personal holdings or a change in the investment if:

(1)

the vendor is not engaged in the business of selling securities; and

(2)

the sale is an isolated transaction not made in the course of repeated and consecutive transactions of a like character.

(b)

A sale or offer for sale under Subsection (a) is not exempt from this title if the sale or offer is made or intended to be made by the vendor or the vendor’s agent for the direct or indirect benefit of a company other than the individual vendor. The usual commission of a vendor’s agent is not a benefit for the purposes of this subsection.

(c)

A person acting as an agent for a vendor in any sale or offer for sale under Subsection (a) must be registered under this title.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.

Source: Section 4005.004 — Isolated Transactions, https://statutes.­capitol.­texas.­gov/Docs/GV/htm/GV.­4005.­htm#4005.­004 (accessed Jun. 5, 2024).

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Accessed:
Jun. 5, 2024

§ 4005.004’s source at texas​.gov