(a) A disclosure statement must contain a statement disclosing any person described by Section 51.153 who has, during the previous seven fiscal years:
(1) filed in bankruptcy;
(2) been adjudged bankrupt;
(3) been reorganized because of insolvency; or
(4) been a principal, director, executive officer, or partner of any other person that, during or not later than the first anniversary of the end of the period the person held the position in relation to the other person, filed in bankruptcy, was adjudged bankrupt, or was reorganized because of insolvency.
(b) A statement required by Subsection (a)(4) must include:
(1) the name and location of the person who filed in bankruptcy, was adjudged bankrupt, or was reorganized;
(2) the date of the filing, adjudication, or reorganization; and
(3) any other material fact relating to the filing, adjudication, or reorganization.