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Texas Government Code - GOV'T § 4003.204. Authorized Oral Offers

Current as of January 01, 2024 | Updated by Findlaw Staff

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(B) has received notice of an order described by Paragraph (A) but the order is no longer in effect;  and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

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Cite this article: FindLaw.com - Texas Government Code - GOV'T § 4003.204. Authorized Oral Offers - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-4003-204/

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