(a) In this section, "oral offer" means an offer that is not a broadcast offer.
(b) A person may make in this state an oral offer to sell a security in person, by telephone, or by other direct individual communication if:
(1) the person making the offer is a registered dealer or registered agent of a registered dealer;
(2) either:
(A) the security is registered under Subchapter B or C or the commissioner has issued a permit qualifying securities for sale for the security under Subchapter A; or
(B) an application for registration under Subchapter B or C or for a permit under Subchapter A has been filed with the commissioner;
(3) the person making or distributing the offer:
(A) has not received written notice of an order prohibiting the offer under Section 4007.101 or 4007.102; or
(B) has received notice of an order described by Paragraph (A) but the order is no longer in effect; and
(4) payment is not accepted from the offeree and no contract of sale is made before registration of the security is effective under Subchapter B or C or a permit is issued under Subchapter A.