Sec. 1371.152.  EXEMPTIONS.  This subchapter does not apply to:
(1)  an issuer who has more than $3 billion in outstanding obligations as of September 1, 2007, or to a nonprofit corporation investing funds on behalf of such an issuer;
(2)  a person acting as a financial adviser with respect to an issuance of public securities by an issuer created under Chapter 8503, Special District Local Laws Code, delivered before January 1, 2010, under a contract that was in effect on September 1, 2007, and that has not been modified since that date;
(3)  an employee of an issuer providing advice to the issuer or to another issuer;
(4)  a state agency:
(A)  created by Section 49-b, Article III, Texas Constitution; or
(B)  the head of which is an officer in the executive department under Section 1, Article IV, Texas Constitution; or
(5)  a corporation created under Chapter 505, Local Government Code, by a municipality located in a county bordering the Rio Grande River.
Added by Acts 2007, 80th Leg., R.S., Ch. 991 (S.B. 1332), Sec. 7, eff. September 1, 2007.
Amended by: 
Acts 2009, 81st Leg., R.S., Ch. 87 (S.B. 1969), Sec. 11.015, eff. September 1, 2009.