Sec. 4003.204.  AUTHORIZED ORAL OFFERS.  (a) In this section, "oral offer" means an offer that is not a broadcast offer.
(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:
(1)  the person making the offer is a registered dealer or registered agent of a registered dealer;
(2)  either:
(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
(B)  an application for registration under Subchapter B or C or for a permit under Subchapter A has been filed with the commissioner;
(3)  the person making or distributing the offer:
(A)  has not received written notice of an order prohibiting the offer under Section 4007.101 or 4007.102; or
(B)  has received notice of an order described by Paragraph (A) but the order is no longer in effect; and
(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.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.