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under Section 4007.101 or 4007.102; or(B) has received notice of an order described by Paragraph (A) but the order is no longer in effect; and(4) payment is not accepted from the offeree and no contract of sale is made before registration of the security is effective under Subchapter B or C or a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. (V.A.C.S. Art. 581-22, Subsec. B (part).)Tex. Gov't. Code § 4003.204
Added by Acts 2019, Texas Acts of the 86th Leg.- Regular Session, ch. TBD,Sec. 1.01, eff. 1/1/2022.