Exemptions

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.