A report concerning a state security sold through private placement must state:

1. (1) each component of the private placement fee, including the:

   1. (A) management fee;
   2. (B) placement agent fee; and
   3. (C) expenses; and
2. (2) the placement agent's counsel's fee.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.