Text of section effective on January 01, 2022
Sec. 4001.058. FRAUD; FRAUDULENT PRACTICE. (a) "Fraud" and "fraudulent practice" include:
(1) a misrepresentation of a relevant fact made in any manner;
(2) a promise, representation, or predication as to the future not made honestly and in good faith;
(3) an intentional failure to disclose a material fact;
(4) a direct or indirect gain, through the sale of a security, of an underwriting or promotion fee or profit, or of a selling or managing commission or profit, that is so gross or exorbitant as to be unconscionable; and
(5) a scheme, device, or other artifice to obtain a profit, fee, or commission described by Subdivision (4).
(b) Nothing in this section limits the full meaning of "fraud," "fraudulent," or "fraudulent practice" as applied or accepted in courts.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
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