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Texas Business & Commerce Code - Section 38.152. Disclosure Of Certain Convictions, Judgments, Orders, And Bankruptcies

Legal Research Home > Texas Lawyer > Business & Commerce Code > Texas Business & Commerce Code - Section 38.152. Disclosure Of Certain Convictions, Judgments, Orders, And Bankruptcies

§ 38.152. DISCLOSURE OF CERTAIN CONVICTIONS, JUDGMENTS, 
ORDERS, AND BANKRUPTCIES.  (a) With respect to the seller and each 
person identified under Section 38.151(11) or (13), a registration 
statement must state the identity of each person:
		(1)  who has been convicted of or pleaded nolo 
contendere to:               
			(A)  a felony or misdemeanor involving an alleged 
violation of this chapter;  or
			(B)  fraud, theft, embezzlement, fraudulent 
conversion, or misappropriation of property;
		(2)  against whom a final judgment or order has been 
entered in a civil or administrative action, including a stipulated 
judgment or order, in which the complaint or petition alleged:
			(A)  acts constituting a violation of this 
chapter, fraud, theft, embezzlement, fraudulent conversion, or 
misappropriation of property;
			(B)  the use of untrue or misleading 
representations in an attempt to sell or dispose of property;  or
			(C)  the use of unfair, unlawful, or deceptive 
business practices;         
		(3)  who is subject to an injunction or restrictive 
court order relating to business activity as the result of an action 
brought by a federal, state, or local public agency, including an 
action affecting a vocational license;  or
		(4)  who has, during the previous seven tax years:                            
			(A)  filed in bankruptcy;                                                    
			(B)  been adjudged a bankrupt;                                               
			(C)  been reorganized due to insolvency;  or                                 
			(D)  been a principal, director, officer, 
trustee, general or limited partner of, or had management 
responsibilities for, a corporation, partnership, joint venture, 
or other business entity that has filed in bankruptcy, been 
adjudged a bankrupt, or been reorganized due to insolvency while 
the person held that position or within one year after the date on 
which the person last held that position.
	(b)  Under Subsections (a)(1), (2), and (3), the statement 
must identify the:
		(1)  court or administrative agency rendering the 
conviction, judgment, or order;
		(2)  docket number of the matter;                                             
		(3)  date of conviction, judgment, or order;  and                             
		(4)  name of the governmental agency, if any, that 
brought the action resulting in the conviction, judgment, or order.
	(c)  Under Subsection (a)(4), the statement must include 
the:                
		(1)  name and location of the person filing in 
bankruptcy, adjudged a bankrupt, or reorganized due to insolvency;
		(2)  date of the filing, judgment, or reorganization 
order;                 
		(3)  court having jurisdiction;  and                                          
		(4)  docket number of the matter.                                             

Added by Acts 1997, 75th Leg., ch. 1008, § 2, eff. Sept. 1, 1997.          

Last modified: August 10, 2007