Current through Reg. 49, No. 12; March 22, 2024
(a) Definitions. The following words and
terms, when used in this section, shall have the following meanings, unless the
context clearly indicates otherwise.
(1)
Current registration--A registration or license that is:
(A) issued by another state, the District of
Columbia, or a territory of the United States that has registration
requirements that are substantially equivalent to the requirements for a Texas
registration in the same capacity;
(B) in good standing; and
(C) in the same capacity as the application
for registration in Texas.
(2) Good standing--A registration or license
that is effective and unrestricted. A registration or license is considered to
be restricted and not in good standing if it is subject to:
(A) an undertaking, special stipulations or
agreements relating to payments, limitations on activity or other
restrictions;
(B) a pending
administrative or civil action; or
(C) an order or other written directive issued pursuant to
statutory authority and procedures, including orders of denial, suspension, or
revocation.
(3) Military
spouse--A person who is married to a military service member.
(4) Military service member--A person who is
on active duty.
(5) Military
veteran--A person who has served on active duty and who was discharged or
released from active duty.
(6)
Active duty--Current full-time military service in the armed forces of the
United States or active duty military service as a member of the Texas military
forces, as defined by Government Code, Section
RSA
437.001, or similar military service of
another state.
(7) Armed forces of
the United States--The Army, Navy, Space Force, Air Force, Coast Guard, or
Marine Corps of the United States or a reserve unit of one of those branches of
the armed forces.
(8) Military
applicant--A military spouse, military service member, or military
veteran.
(b) Expedited
review of an application submitted by a military applicant as authorized by
Occupations Code, §§
RSA
55.004 -
RSA
55.006.
(1)
A military applicant may use the procedure set out in this subsection if the
military applicant:
(A) holds a current
registration in another jurisdiction; or
(B) has been registered in Texas in the same
capacity within the five years preceding the date of the application for
registration.
(2) If the
military applicant is not registered within five days of submitting an
application, the military applicant may request special consideration of his or
her application for registration by filing Form 133.4, Request for
Consideration of a Registration Application by a Military Applicant, with the
Securities Commissioner ("Commissioner"). Within five business days of receipt
of the completed Form 133.4, the military applicant will be notified in writing
of the reason(s) for the pending or deficient status assigned to the
application.
(3) In addition to the
waivers of examination requirements set out in §
RSA 115.3 of this
title (relating to Examination), the Commissioner in his or her discretion is
authorized by the Board to grant full or partial waivers of the examination
requirements of the Texas Securities Act, §13.D, on a showing of
alternative demonstrations of competency to meet the requirements for obtaining
the registration sought.
(4) A
military applicant proceeding under this subsection may be registered despite
having pending and/or deficient items ("deficiencies"). The deficiencies will
be communicated to the military applicant in writing or by electronic means
within five business days from approval of the registration.
(5) The deficiencies noted at the time the
registration is granted must be resolved by the military applicant within a 12
month period. Failure to resolve outstanding deficiencies will cause the
registration granted under this subsection or any renewal of such registration
to automatically terminate 12 months after the date the registration was
initially granted pursuant to this subsection.
(c) Waiver or refund of initial application
fee and Texas Securities Law Examination fee for a military applicant as
authorized by Occupations Code, §
RSA
55.009.
(1)
To qualify for a fee waiver or refund, the applicant must be:
(A) a military applicant who holds a current
registration in another jurisdiction; or
(B) a military service member or military
veteran whose military service, training, or education substantially meets all
the requirements for the registration sought who submits Form 133.4, Request
for Consideration of a Registration Application by a Military Applicant, with
the applicant's registration application.
(2) To request a waiver or refund of a fee
previously paid, the applicant must submit Form 133.19, Waiver or Refund
Request by a Military Applicant.
(A) If
requesting a waiver of the fee to take the Texas Securities Law Examination,
Form 133.19 must be submitted when filing the request to take the Texas
Securities Law Examination.
(B) If
requesting a waiver of the initial application fee, Form 133.19 must be
submitted with the initial application.
(C) If requesting a refund of the initial
application fee or Texas Securities Law Examination fee that was paid in error,
Form 133.19 must be submitted within four years from the date the fee was
collected or received.
(d) Registration of persons with military
experience as authorized by Occupations Code, §
RSA
55.007.
(1)
An applicant who is a military service member or military veteran may request
special consideration of verified military service, training, or education
towards registration requirements, other than an examination requirement, for
the registration sought by submitting Form 133.4, Request for Consideration of
a Registration Application by a Military Applicant, with the applicant's
registration application.
(2) The
procedure authorized by this subsection is not available to a military service
member or military veteran who:
(A) is
registered in another jurisdiction but such registration is not in good
standing; or
(B) has been convicted
of a crime that could be the basis for denial of the registration pursuant to
the Texas Securities Act, §14.A.
(e) Renewals by military service members. If
a military service member's registration is not renewed in a timely manner, the
military service member may renew the registration pursuant to this subsection.
(1) Renewal of the registration may be
requested by the military service member, the military service member's spouse,
or an individual having power of attorney from the military service member. The
renewal application shall include a current address and telephone number for
the individual requesting the renewal.
(2) Renewal may be requested before or within
two years after expiration of the registration.
(3) A copy of the official orders or other
official military documentation showing that the military service member is or
was on active duty shall be submitted to the Securities Commissioner along with
the renewal application.
(4) A copy
of the power of attorney from the military service member, if any, shall be
filed with the Securities Commissioner along with the renewal application if
the individual having the power of attorney executes any of the documents
required in this subsection.
(5) A
renewal application submitted to the Securities Commissioner pursuant to this
subsection shall be accompanied by the applicable renewal fee set out in §
RSA 115.8 of
this title (relating to Fee Requirements).
(6) The State Securities Board will not
assess any increased fee or other penalty against the military service member
for failure to timely renew the registration if it is established to the
satisfaction of the Securities Commissioner that all requirements of this
subsection have been met.
(f) Other provisions in this chapter.
(1) Unless specifically allowed in this
section, an applicant must meet the requirements for registration or renewal
specified in this chapter. This includes the requirement that certain filings
be made electronically through the CRD.
(2) A one-year period, instead of the 90-day
period contained in §
RSA
115.2 of this title (relating to Application
Requirements), will apply to the automatic withdrawal of an application for
which a Form 133.4 is properly filed.
(g) Additional information. An applicant
receiving special consideration pursuant to this section in connection with a
registration application or renewal shall provide any other information deemed
necessary by the Commissioner. Such information may include, but is not limited
to documentation:
(1) demonstrating status as
a military spouse, service member, or military veteran;
(2) to determine whether the applicant meets
licensing requirements through some alternative method;
(3) relating to prior military service,
training, or education that may be credited towards a registration requirement;
or
(4) to determine a dealer's
financial responsibility or a dealer's or agent's business repute or
qualifications.
(h)
Recognition of out-of-state license or registration of a military spouse as
authorized by Occupations Code, §
RSA
55.0041.
(1) A military spouse may use the procedure
set out in this subsection if he or she holds a current registration in another
jurisdiction;
(2) The period
covered by this subsection is only for the time during which the military
service member to whom the military spouse is married is stationed at a
military installation in Texas. This period may not exceed three years from the
date the military spouse:
(A) first becomes
registered in Texas under Option 1, set out in paragraph (3) of this
subsection; or
(B) first receives
the confirmation from the Registration Division under Option 2, set out in
paragraph (4)(C)(ii) of this subsection.
(3) Option 1: registration in Texas with
waiver or refund of the initial registration and renewal fees. If the military
spouse is registered in Texas, for all or part of the period set out in
paragraph (2) of this subsection, he or she may request a waiver or refund of a
fee previously paid.
(A) The initial
registration fee may be waived or refunded by following the procedure set out
in subsection (c) of this section, including filing Form 133.19, Waiver or
Refund Request by a Military Applicant.
(B) A renewal fee may be waived by submitting
Form 133.22, Waiver or Refund Request by a Military Spouse for a Renewal Fee,
at the time the renewal is submitted. A refund of a renewal fee that was paid
in error, is requested by submitting Form 133.22 within four years from the
date the fee was collected or received.
(4) Option 2: notification and authorization
of activity without registration. Upon confirmation under subparagraph (C) or
(D) of this paragraph, the military spouse will be considered to be notice
filed in Texas. Such notice filing expires at the end of the calendar year.
(A) A military spouse may engage in activity
without a license or registration under the authority of Occupations Code,
§
RSA
55.0041, and this paragraph, only for the
period specified in paragraph (2) of this subsection.
(B) A military spouse who becomes ineligible
under Occupations Code, §
RSA
55.0041, or paragraph (1) or (2) of this
subsection prior to the three year period identified in paragraph (2), must
notify the Securities Commissioner of such ineligibility within 30 days and
immediately cease activity until such time as he or she is registered in the
appropriate capacity to conduct activity in Texas.
(C) Before engaging in an activity requiring
registration in Texas, the military spouse must initially:
(i) provide notice of his or her intent to
engage in activity in Texas and specify the type of activity by filing with the
Securities Commissioner:
(I) Form 133.23,
Request for Recognition of Out-Of-State License or Registration by a Military
Spouse;
(II) proof of his or her
residency in Texas (a permanent change of station (PCS) order may serve as
proof of residency for spouses of active military service members);
and
(III) a copy of his or her
military identification card.
(ii) receive confirmation that the
Registration Division:
(I) has verified the
individual's license in another jurisdiction; and
(II) authorizes the individual to engage in
the specified activity.
(D) To continue to conduct business in Texas
without registration under Option 2, after the expiration of the initial
confirmation under subparagraph (C)(ii), the military spouse must renew
annually on the same schedule as renewals of registration. This enables the
Registration Division to determine that the military spouse remains eligible
under Occupations Code, §
RSA
55.0041, to continue to conduct securities
activities in Texas without being registered.
(i) A renewal is made by submitting the same
documents identified in subparagraph (C)(i) of this paragraph.
(ii) A renewal is not effective until the
military spouse receives confirmation that the Registration Division:
(I) has verified the individual's license in
another jurisdiction; and
(II)
authorizes the individual to engage in specified activity.