PART 7. STATE SECURITIES BOARD
CHAPTER 117. ADMINISTRATIVE GUIDELINES FOR REGISTRATION OF REAL ESTATE PROGRAMS
The Texas State Securities Board adopts the repeal of Chapter 117, consisting of §§117.1 - 117.9, concerning administrative guidelines for registration of real estate programs, without changes to the proposal as published in the March 7, 2008, issue of the Texas Register (33 TexReg 1919).
The repeal was adopted so that a new Chapter 117 can be simultaneously adopted.
The repeal eliminates an outdated chapter.
No comments were received regarding adoption of the repeal.
The repeal is adopted under Texas Civil Statutes, Article 581-28-1. Section 28-1 provides the Board with the authority to adopt rules and regulations necessary to carry out and implement the provisions of the Texas Securities Act, including rules and regulations governing registration statements and applications; defining terms; classifying securities, persons, and matters within its jurisdiction; and prescribing different requirements for different classes.
The adopted repeal affects Texas Civil Statutes, Article 581-7.
This agency hereby certifies that the adoption has been reviewed by legal counsel and found to be a valid exercise of the agency's legal authority.
Filed with the Office of the Secretary of State on August 18, 2008.
TRD-200804435
Denise Voigt Crawford
Securities Commissioner
State Securities Board
Effective date: September 7, 2008
Proposal publication date: March 7, 2008
For further information, please call: (512) 305-8303
The Texas State Securities Board adopts new Chapter 117, consisting of §§117.1 - 117.9, concerning administrative guidelines for registration of real estate programs. The rules were adopted without changes to the proposed text as published in the March 7, 2008, issue of the Texas Register (33 TexReg 1919) and will not be republished. In related rulemaking, the Board is adopting by reference new §133.31, a form concerning the real estate guidelines cross reference sheet, to replace outdated §133.31, which is being concurrently repealed.
The new chapter replaces the existing Chapter 117, which is being concurrently repealed, with updated administrative guidelines recently adopted by the North American Securities Administrators Association, Inc. (NASAA). The NASAA policies are applied by a number of other states registering such programs.
Uniform rules, developed in coordination with securities administrators in other jurisdictions, will be used in registering real estate programs.
No comments were received regarding adoption of the new rules.
The new rules are adopted under Texas Civil Statutes, Article 581-28-1. Section 28-1 provides the Board with the authority to adopt rules and regulations necessary to carry out and implement the provisions of the Texas Securities Act, including rules and regulations governing registration statements and applications; defining terms; classifying securities, persons, and matters within its jurisdiction; and prescribing different requirements for different classes.
The adopted rules affect Texas Civil Statutes, Article 581-7.
This agency hereby certifies that the adoption has been reviewed by legal counsel and found to be a valid exercise of the agency's legal authority.
Filed with the Office of the Secretary of State on August 18, 2008.
TRD-200804437
Denise Voigt Crawford
Securities Commissioner
State Securities Board
Effective date: September 7, 2008
Proposal publication date: March 7, 2008
For further information, please call: (512) 305-8303
The Texas State Securities Board adopts the repeal of §133.31, a form concerning the real estate guidelines cross reference sheet, without changes to the proposal as published in the March 7, 2008, issue of the Texas Register (33 TexReg 1939).
The repeal of this form allows for the simultaneous adoption of a new form.
The repeal eliminates an outdated form.
No comments were received regarding adoption of the repeal.
The repeal is adopted under Texas Civil Statutes, Article 581-28-1. Section 28-1 provides the Board with the authority to adopt rules and regulations necessary to carry out and implement the provisions of the Texas Securities Act, including rules and regulations governing registration statements and applications; defining terms; classifying securities, persons, and matters within its jurisdiction; and prescribing different requirements for different classes.
The adopted repeal affects Texas Civil Statutes, Article 581-7.
This agency hereby certifies that the adoption has been reviewed by legal counsel and found to be a valid exercise of the agency's legal authority.
Filed with the Office of the Secretary of State on August 18, 2008.
TRD-200804439
Denise Voigt Crawford
Securities Commissioner
State Securities Board
Effective date: September 7, 2008
Proposal publication date: March 7, 2008
For further information, please call: (512) 305-8303
The Texas State Securities Board adopts by reference new §133.31, a form concerning the real estate guidelines cross reference sheet, without changes to the proposed text as published in the March 7, 2008, issue of the Texas Register (33 TexReg 1939).
The new form incorporates changes recently adopted by the North American Securities Administrators Association, Inc. (NASAA).
The adopted form, developed in coordination with securities regulators in other jurisdictions, will be used in reviewing and processing applications for the registration of real estate programs.
No comments were received regarding adoption of the new rule.
The rule is adopted under Texas Civil Statutes, Article 581-28-1. Section 28-1 provides the Board with the authority to adopt rules and regulations necessary to carry out and implement the provisions of the Texas Securities Act, including rules and regulations governing registration statements and applications; defining terms; classifying securities, persons, and matters within its jurisdiction; and prescribing different requirements for different classes.
The adopted rule affects Texas Civil Statutes, Article 581-7.
This agency hereby certifies that the adoption has been reviewed by legal counsel and found to be a valid exercise of the agency's legal authority.
Filed with the Office of the Secretary of State on August 18, 2008.
TRD-200804440
Denise Voigt Crawford
Securities Commissioner
State Securities Board
Effective date: September 7, 2008
Proposal publication date: March 7, 2008
For further information, please call: (512) 305-8303