Tex. Codes » Finance Code · TITLE 3. FINANCIAL INSTITUTIONS AND BUSINESSES · SUBTITLE A. BANKS · CHAPTER 31. GENERAL PROVISIONS
Texas Codes

Tex. Fin. Code § 31.007 (2026)

Exemption Of Bank Directors And Personnel From Securities Law

✓ current as of May 2026
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Sec. 31.007. EXEMPTION OF BANK DIRECTORS AND PERSONNEL FROM SECURITIES LAW. (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.

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.

SUBCHAPTER B. REGULATION OF BANKING BY BANKING COMMISSIONER


Notes of Decisions
Cited in 1 case, 2014–2014 · leading case: Waste Mgmt. of Texas, Inc.// Texas Disposal Sys. Landfill, Inc. v. Texas Disposal Sys. Landfill, Inc.// Cross-Appellee, Waste Mgmt. of Texas, Inc., No. 03-10-00826-CV (Tex. App.—Austin Nov. 14, 2014).
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Waste Mgmt. of Texas, Inc.// Texas Disposal Sys. Landfill, Inc. v. Texas Disposal Sys. Landfill, Inc.// Cross-Appellee, Waste Mgmt. of Texas, Inc., No. 03-10-00826-CV (Tex. App.—Austin Nov. 14, 2014). “See Tex. Fin. Code § 31.007(a). As far as we can tell from the record, Texas Disposal has not presented to the district clerk either of the appendices of costs that it has presented to this Court.”
Tex. Fin. Code § 31.007(a): 1 case
Waste Mgmt. of Texas, Inc.// Texas Disposal Sys. Landfill, Inc. v. Texas Disposal Sys. Landfill, Inc.// Cross-Appellee, Waste Mgmt. of Texas, Inc., No. 03-10-00826-CV (Tex. App.—Austin Nov. 14, 2014). “See Tex. Fin. Code § 31.007(a). As far as we can tell from the record, Texas Disposal has not presented to the district clerk either of the appendices of costs that it has presented to this Court.”
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