|(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
(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
(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
(4) Military service member--A person who is on active
(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, §437.001, or similar military service of another state.
(7) Armed forces of the United States--The Army, Navy,
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, §§55.004
(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;
(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
(3) In addition to the waivers of examination requirements
set out in §116.3 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
(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, §55.009.
(1) To qualify for a fee waiver or refund, the applicant
(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, §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
(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
(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
(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 §116.8 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 IARD.
(2) A one-year period, instead of the 90-day period
contained in §116.2 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;
(4) to determine an investment adviser's financial
responsibility or an investment adviser's or investment adviser representative's
business repute or qualifications.
(h) Recognition of out-of-state license or registration
of a military spouse as authorized by Occupations Code, §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
(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
(A) first becomes registered, or makes a notice filing
pursuant to §116.1(b)(2) of this chapter (relating to general
provisions), 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, or a notice filing
made pursuant to §116.1(b)(2) of this chapter, with waiver or
refund of the initial filing fee and renewal fees. If the military
spouse is registered or notice filed 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 filing 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
(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, or notice filing pursuant to §116.1(b)(2)
of this chapter. 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
(A) A military spouse may engage in activity without
a license or registration under the authority of Occupations Code, §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, §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 Texas, or makes a notice filing pursuant to §116.1(b)(2) of
this chapter, in the appropriate capacity to conduct activity in Texas.
(C) Before engaging in an activity requiring registration
in Texas, or a notice filing pursuant to §116.1(b)(2) of this
chapter, 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; and
(III) a copy of his or her military identification
(ii) receive confirmation that the Registration Division:
(I) has verified the individual's license in another
(II) authorizes the individual to engage in the specified