Tex. Gov't Code § 4005.055

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 4005.055 - Commercial Paper

The exemption provided by Section 4005.051 applies to:

(1) commercial paper that:

(A) arises out of a current transaction or the proceeds of which have been or are to be used for current transactions; and

(B) evidences an obligation to pay cash not later than the ninth month after the issuance date of the commercial paper, not including days of grace;

(2) a renewal of commercial paper described by Subdivision (1) that is similarly limited; or

(3) a guarantee of commercial paper described by Subdivision (1) or of a renewal described by Subdivision (2). (V.A.C.S. Art. 581-6, Subsec. H.)

Tex. Gov't. Code § 4005.055

Added by Acts 2019, Texas Acts of the 86th Leg.- Regular Session, ch. TBD,Sec. 1.01, eff. 1/1/2022.