Tex.
Fin. Code Section 149.002
Exemption from Securities Laws
(a)
Except as required by this subtitle, a credit union authorized to do business under this subtitle or the Federal Credit Union Act (12 U.S.C. Section 1751 et seq.) and an officer, employee, or agent of the credit union engaged in selling, issuing, or offering a security issued by a state or federal credit union are exempt from a law of this state to the extent the law provides for supervision, registration, or regulation in connection with selling, issuing, or offering a security.(b)
In this section:(1)
“Credit union” means a credit union authorized to do business in this state under this subtitle or the Federal Credit Union Act (12 U.S.C. Section 1751 et seq.).(2)
“Item”:(A)
means an instrument, whether or not negotiable, for the payment of money; and(B)
does not include money.(b)
The sale, issuance, or offering of a security issued by a state or federal credit union is legal without any action or approval by any official, other than the credit union commissioner, who is authorized to license, regulate, or supervise the sale, issuance, or offering of securities.(c)
In this section, “security” has the meaning assigned by Section 4001.068 (Security), Government Code.
Source:
Section 149.002 — Exemption from Securities Laws, https://statutes.capitol.texas.gov/Docs/FI/htm/FI.149.htm#149.002 (accessed May 25, 2024).
