Texas Vernon's Civil Statutes Title 19 - Blue Sky Law--securities

• Texas Article 581-1 - Short Title Of Act
  This Act shall be known and may be cited as "The Securities Act." Acts 1957, 55th Leg., p. 575, ch. 269, Sec. 1.
• Texas Article 581-2 - Creating The State Securities Board And Providing For Appointment Of Securities Commissioner
  A. The State Securities Board is hereby created. The Board shall consist of five citizens of the state appointed by the governor with the advice...
• Texas Article 581-2-1 - Conflict Of Interest
  A. In this section, "Texas trade association" means a cooperative and voluntarily joined association of business or professional competitors in this state designed to assist...
• Texas Article 581-2-2 - Information About Standards Of Conduct
  The Commissioner or the Commissioner's designee shall provide to members of the Board and to Board employees, as often as necessary, information regarding the requirements...
• Texas Article 581-2-3 - Training
  A. A person who is appointed to and qualifies for office as a member of the Board may not vote, deliberate, or be counted as...
• Texas Article 581-2-4 - Division Of Policy And Management Responsibilities
  The Board shall develop and implement policies that clearly separate the policymaking responsibilities of the Board and the management responsibilities of the Commissioner and employees...
• Texas Article 581-2-5 - Public Testimony
  The Board by rule shall develop and implement policies that provide the public with a reasonable opportunity to appear before the Board and to speak...
• Texas Article 581-2-6 - Complaints Information
  A. The Commissioner or the Commissioner's designee shall maintain a file on each written complaint filed with the Commissioner or Board concerning an employee, former...
• Texas Article 581-2-7 - Equal Employment Opportunity Policy Statement
  A. The Commissioner or the Commissioner's designee shall prepare and maintain a written policy statement that implements a program of equal employment opportunity to ensure...
• Texas Article 581-3 - Administration And Enforcement By The Securities Commissioner And The Attorney General And Local Law Enforcement Officials
  The administration of the provisions of this Act shall be vested in the Securities Commissioner. It shall be the duty of the Securities Commissioner and...
• Texas Article 581-3-1 - Nonexclusivity Of Means Of Enforcement
  The Commissioner may utilize any or all penalties, sanctions, remedies, or relief as the Commissioner deems necessary. Added by Acts 1995, 74th Leg., ch. 228,...
• Texas Article 581-4 - Definitions
  The following terms shall, unless the context otherwise indicates, have the following respective meanings: A. The term "security" or "securities" shall include any limited partner...
• Texas Article 581-5 - Exempt Transactions
  Except as hereinafter in this Act specifically provided, the provisions of this Act shall not apply to the sale of any security when made in...
• Texas Article 581-6 - Exempt Securities
  Except as hereinafter in this Act expressly provided, the provisions of this Act shall not apply to any of the following securities when offered for...
• Texas Article 581-7 - Permit Or Registration For Issue By Commissioner; Information For Issuance Of Permit Or Registration
  A. Qualification of Securities. (1) No dealer or agent shall sell or offer for sale any securities issued after September 6, 1955, except those which...
• Texas Article 581-8 - Consent To Service
  Unless the Board by rule otherwise specifies, any application filed or notice filing submitted by an issuer, or by a dealer or investment adviser who...
• Texas Article 581-9 - Protection To Purchasers Of Securities
  A. In the event any company, as defined herein, shall sell, or offer for sale, any securities, as defined in this Act, the Commissioner, if...
• Texas Article 581-10 - Examination Of Application; Permit
  A. Commissioner to Examine Application; Grant or Deny. Upon the filing of an application for qualifying securities under Section 7A, it shall be the duty...
• Texas Article 581-10-1 - Purposes
  A. This Act may be construed and implemented to effectuate its general purpose to maximize coordination with federal and other states' law and administration, particularly...
• Texas Article 581-11 - Papers Filed With Commissioner; Records Open To Inspection
  All information, papers, documents, instruments and affidavits required by this Act to be filed with the Commissioner shall be deemed public records of this state,...
• Texas Article 581-12 - Registration Of Persons Selling Securities Or Rendering Investment Advice
  A. Except as provided in Section 5 of this Act, no person, firm, corporation or dealer shall, directly or through agents, offer for sale, sell...
• Texas Article 581-12-1 - Notice Filing For Federal Covered Investment Advisers And Representatives Of Federal Covered Investment Advisers
  A. This section does not apply to an investment adviser or investment adviser representative that is exempt from registration under this Act or Board rule....
• Texas Article 581-13 - Method And Condition Of Registration Required For Dealer, Agent, Investment Adviser, Or Investment Adviser Representative
  A. A dealer or investment adviser to be registered must submit a sworn application therefor to the Commissioner, which shall be in such form as...
• Texas Article 581-13-1 - Inspection
  A. The Commissioner, without notice, may inspect a registered dealer or registered investment adviser as necessary to ensure compliance with this Act and Board rules....
• Texas Article 581-14 - Denial, Suspension Or Revocation Of Registration As Dealer, Agent, Investment Adviser, Or Investment Adviser Representative
  A. The Commissioner may deny, revoke, or suspend a registration issued under this Act, place on probation a dealer, agent, investment adviser, or investment adviser...
• Texas Article 581-15 - Issuance Of Registration Certificates To Dealers And Investment Advisers
  If the Commissioner is satisfied that the applicant for a dealer's or investment adviser's certificate of registration has complied with the requirements of the Act...
• Texas Article 581-17 - Form Of Certificates To Dealers And Investment Advisers
  The certificate shall be in such form as the Commissioner may determine. Any changes in the personnel of a partnership or in the principals, officers,...
• Texas Article 581-18 - Registration Of Agents Of Dealers Or Of Representatives Of Investment Advisers
  Upon written application by a registered dealer or investment adviser, and upon satisfactory compliance with the requirements of the Act above, the Commissioner shall register...
• Texas Article 581-19 - Annual Registration; Renewals
  A. Except as provided in Subsections B and C of this section, all registrations shall expire at the close of the calendar year, but new...
• Texas Article 581-20 - Display Or Advertisement Of Fact Of Registration Unlawful
  It shall be unlawful for any dealer, agent, investment adviser, or investment adviser representative to use the fact of his registry, by public display or...
• Texas Article 581-21 - Posting Registration Certificates
  Immediately upon receipt of the dealer's or investment adviser's registration certificate issued pursuant to the authority of this Act, the dealer or investment adviser named...
• Texas Article 581-22 - Regulation Of Offers
  A. Permitted Written, Pictorial, or Broadcast Offers. A written or printed offer (including a pictorial demonstration with any accompanying script) or a broadcast offer (i.e.,...
• Texas Article 581-23 - Cease And Desist Orders; Cease Publication Orders; List Of Securities Offered
  Anything in this Act to the contrary notwithstanding, A. If it appears to the commissioner at any time that the sale or proposed sale or...
• Texas Article 581-23-1 - Assessment Of Administrative Fines
  Art. 581-23-1. ASSESSMENT OF ADMINISTRATIVE FINES. A. After giving notice and opportunity for a hearing, the Commissioner may, in addition to any other remedies, issue...
• Texas Article 581-23-2 - Emergency Cease And Desist Order
  A. On the Commissioner's determination that the conduct, act, or practice threatens immediate and irreparable public harm, the Commissioner may issue an emergency cease and...
• Texas Article 581-24 - Hearings Upon Exception To Actions Of Commissioner
  A. If any person or company should take exception to the action of the Commissioner in failing or refusing to register and issue certificate for...
• Texas Article 581-25 - Revocation Of Registration Of Any Dealer, Agent, Investment Adviser, Or Investment Adviser Representative
  The revocation of a dealer's or investment adviser's registration shall constitute a revocation of the registration of any agent of the dealer or any investment...
• Texas Article 581-25-1 - Receiverships Of Persons Or Assets
  A. Whenever it shall appear to the commissioner, either upon complaint or otherwise, that: (1) any person or company acting as a dealer, agent, investment...
• Texas Article 581-26 - Notices By Registered Mail
  Any notice required by this Act shall be sufficient if sent by registered or certified mail unless otherwise specified in this Act, addressed to a...
• Texas Article 581-27 - Judicial Review
  Judicial review of a decision of the Commissioner or Board is under the substantial evidence rule. Acts 1957, 55th Leg., p. 575, ch. 269, Sec....
• Texas Article 581-28 - Investigations, Investigatory Materials, And Registration Related Materials
  A. Investigations by Commissioner. The Commissioner shall conduct investigations as the Commissioner considers necessary to prevent or detect the violation of this Act or a...
• Texas Article 581-28-1 - Adoption Of Rules And Regulations
  A. For purposes of this Section 28-1, the term "rule and regulation" shall mean any statement by the board of general and future applicability that...
• Texas Article 581-29 - Penal Provisions
  Any person who shall: A. Sell, offer for sale or delivery, solicit subscriptions or orders for, dispose of, invite offers for, or who shall deal...
• Texas Article 581-29-1 - Limitation
  An indictment for an offense under Subsection C of Section 29 may be brought only before the fifth anniversary of the day on which the...
• Texas Article 581-29-2 - Aggregation Of Amounts Involved In Securities Fraud
  When amounts are obtained in violation of this Act under one scheme or continuing course of conduct, whether from the same or several sources, the...
• Texas Article 581-29-3 - Criminal Responsibility Of Corporation Or Association
  A. In this section: (1) "Association" and "corporation" have the meanings assigned by Section 1.07, Penal Code. (2) "High managerial agent" has the meaning assigned...
• Texas Article 581-30 - Certified Copies Of Papers Filed With Commissioner As Evidence
  Copies of all papers, instruments, or documents filed in the office of the Commissioner, certified by the Commissioner, shall be admitted to be read in...
• Texas Article 581-31 - Construction
  Nothing herein contained shall limit or diminish the liability of any person or company, or of its officers or agents, now imposed by law to...
• Texas Article 581-32 - Injunctions, Restitution, And Civil Penalties
  A. Whenever it shall appear to the Commissioner either upon complaint or otherwise, that any person has engaged, is engaging, or is about to engage...
• Texas Article 581-33 - Civil Liability With Respect To Issuance Or Sale Of A Security
  A. Liability of Sellers. (1) Registration and Related Violations. A person who offers or sells a security in violation of Section 7, 9 (or a...
• Texas Article 581-33-1 - Civil Liability Of Investment Advisers And Investment Adviser Representatives
  A. Liability of Investment Advisers and Investment Adviser Representatives. (1) An investment adviser or investment adviser representative who renders services as an investment adviser in...
• Texas Article 581-33-2 - Stay Of Recognition Or Enforcement Of Foreign Country Judgment
  (a) Prior to a court's recognition or enforcement of a foreign country judgment under Chapter 36, Civil Practice and Remedies Code, or otherwise, a party...
• Texas Article 581-34 - Actions For Commission; Allegations And Proof Of Compliance
  No person or company shall bring or maintain any action in the courts of this state for collection of a commission or compensation for services...
• Texas Article 581-35 - Fees
  A. The Board shall establish the following fees in amounts so that the aggregate amount that exceeds the amount of the fees on September 1,...
• Texas Article 581-35-1 - Fees For Sales Of Excess Securities
  A. An offeror who sells securities in this State in excess of the aggregate amount of securities registered for the offering may apply to register...
• Texas Article 581-35-2 - Fees For Sales Of Unregistered Securities
  If, after notice and hearing, the commissioner or any court of competent jurisdiction finds that an offeror has sold securities in this State pursuant to...
• Texas Article 581-36 - Deposit To General Revenue Fund
  Upon and after the effective date of this Act all moneys received from fees, assessments, or charges under this Act shall be paid by the...
• Texas Article 581-37 - Pleading Exemptions
  It shall not be necessary to negative any of the exemptions in this Act in any complaint, information or indictment, or any writ or proceeding...
• Texas Article 581-38 - Partial Invalidity; Severability
  The provisions of this Act are severable, and in the event that any provision thereof should be declared void or unconstitutional, it is hereby declared...
• Texas Article 581-39 - Repeal Of Securities Act And Insurance Securities Act Now In Effect; Saving Clause As To Pending Proceedings
  The Acts now in effect being currently known as the Securities Act of Texas and the Insurance Securities Act of Texas, as embraced in Senate...
• Texas Article 581-42 - Reduced Fees
  A. The Board by rule may adopt reduced fees, under Sections 35 and 41 of this Act, for original and renewal applications of dealers, agents,...
• Texas Article 581-43 - Investor Education
  A. The Commissioner, with Board approval, shall develop and implement investor education initiatives to inform the public about the basics of investing in securities, with...
• Texas Article 581-44 - Crowdfunding
  (a) The Board shall adopt rules to regulate and facilitate online intrastate crowdfunding applicable to authorized small business development entities. The Board may create other...

Last modified: September 28, 2016