Sec. 4008.003. ACTION FOR COLLECTION OF COMMISSION OR COMPENSATION. (a) This section does not apply to a person or company that rendered services in connection with a transaction that is exempt under Subchapter A, Chapter 4005, or under a rule adopted by the board under Section 4005.024 if the person or company was not required to be registered by the terms of the exemption.
(b) A person or company may not bring or maintain any action in a court of this state for collection of a commission or compensation for services rendered in the sale or purchase of securities unless the person or company alleges and proves that:
(1) the person or company was:
(A) registered under this title; or
(B) exempt from registration under rules adopted under Section 4004.001; and
(2) the securities sold were registered under this title at the time the alleged cause of action arose.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
Structure Texas Statutes
Chapter 4008 - Private Rights of Action
Subchapter A. General Provisions
Section 4008.001. Unenforceability of Illegal Contracts
Section 4008.002. Certain Waivers Void
Section 4008.003. Action for Collection of Commission or Compensation
Section 4008.004. Stay of Recognition or Enforcement of Foreign-Country Judgment