{"data":{"id":"us-tx/tex.-government-code-4003.204","jurisdiction":"us-tx","citation":"Tex. Government Code § 4003.204","heading":"AUTHORIZED ORAL OFFERS.","body":"(a) In this section, \"oral offer\" means an offer that is not a broadcast offer.\n(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:\n(1) the person making the offer is a registered dealer or registered agent of a registered dealer;\n(2) either:\n(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\n(B) an application for registration under Subchapter B or C or for a permit under Subchapter A has been filed with the commissioner;\n(3) the person making or distributing the offer:\n(A) has not received written notice of an order prohibiting the offer under Section 4007.101 or 4007.102; or\n(B) has received notice of an order described by Paragraph (A) but the order is no longer in effect; and\n(4) payment is not accepted from the offeree and no contract of sale is made before registration of the security is effective under Subchapter B or C or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.\nAdded by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.","path":["GOVERNMENT CODE","TITLE 12. SECURITIES ACT","CHAPTER 4003. SECURITIES","SUBCHAPTER E. REGULATION OF OFFERS"],"source_url":"https://statutes.capitol.texas.gov/Docs/GV/htm/GV.4003.htm#4003.204","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:16Z","sha256":"e551bc6e16c0f7eee79c8378b38c844b98d10a5245eb3ef7ffeea3cca34b73c5","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-government-code-4003.203","next":"us-tx/tex.-government-code-4003.205"},"notice":"GroundRules: Original legal text. Not legal advice."}