Tex. Fin. Code § 31.007 · Subchapter A. GENERAL PROVISIONS
EXEMPTION OF BANK DIRECTORS AND PERSONNEL FROM SECURITIES LAW.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) An officer, director, or employee of a bank that has its main office or a branch located in this state with fewer than 500 shareholders or of a bank holding company with fewer than 500 shareholders that controls a bank that has its main office or a branch located in this state is exempt from the registration and licensing provisions of The Securities Act (Title 12, Government Code) with respect to that person's participation in a transaction, including a sale, involving securities issued by:
(1) the bank or bank holding company of which that person is an officer, director, or employee;
(2) a bank holding company that controls the bank of which that person is an officer, director, or employee; or
(3) a bank controlled by the bank holding company of which that person is an officer, director, or employee.
(b) A person may not be compensated for services performed under the exemption provided by this section.
Notes and commentary — not statutory text
History
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 1999, 76th Leg., ch. 344, Sec. 2.004, eff. Sept. 1, 1999.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 4, eff. September 1, 2007.
Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 2.11, eff. January 1, 2022.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.31.htm
- Text hash
- sha256 3b0ac568d29d8eb014ea011bb3fbd351730227208c9c7c6b172b050c3c77f7d6
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
This section cites
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