119.007 – EXEMPTION FROM SECURITIES LAWS. A deposit
Texas Finance Code § 119.007
Summary
This law clarifies that certain deposit accounts and certificates from savings banks are not classified as securities. As a result, they are exempt from the registration requirements of the Securities Act, affecting both banks and their depositors.
Deposit accounts from savings banks are exempt from securities classification.
Certificates of deposit are also not considered securities.
Exemption relieves banks from registration requirements under the Securities Act.
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In simple terms: Learn about Texas's EXEMPTION FROM SECURITIES LAWS. A deposit law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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