Texas Rule 506 Notice Filing: Deadline, Fee and Cap
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If one investor in your Rule 506 offering lives in Texas, you file a copy of your Form D and a fee with the Texas State Securities Board through NASAA's Electronic Filing Depository (EFD), no later than 15 calendar days after the first sale in Texas. The fee is one-tenth of 1% of the aggregate offering amount, and never more than $500. Texas does not review the deal and requires no annual renewal.
This post is Texas only. The general framework is in blue sky laws and state notice filings, and every state's fee is in blue sky fees by state. Facts below are from the Texas State Securities Board's Regulation D filing page as of October 2026. This is general information, not legal advice.
How is the Texas fee calculated?
Take the aggregate offering amount from your Form D and multiply by 0.001. If the result is above $500, you pay $500. Because most apartment raises are well above $500,000, the practical fee is usually the $500 cap. The fee depends on the offering amount on your Form D, not on how much Texans invest.
| Offering amount on Form D | Formula result | Texas fee |
|---|---|---|
| $250,000 | $250 | $250 |
| $500,000 | $500 | $500 |
| $2,000,000 | $2,000 | $500 (cap) |
| $5,000,000 | $5,000 | $500 (cap) |
The table is arithmetic from the published formula. Check EFD at filing for the exact amount.
When is the Texas filing due?
No later than 15 calendar days after the first sale of securities in Texas, counted from the day the first Texas investor is irrevocably committed. A Texas investor signing a subscription on a Monday starts the clock that day, even if the wire comes later. Other states run their own clocks from their own first sale.
What happens if you sell more than you paid the fee for?
If you paid less than the $500 maximum but later offer more securities than the fee covered, Texas requires an amended Form D and payment of three times the difference between the fee you paid and the fee that should have been paid, plus 6.0% interest (Texas Securities Board Rule 114.4(d)(2)). The simple way to avoid it is to put your maximum raise on the Form D from the start. Our Form D filing guide covers amendments.
Worked example (illustrative)
A sponsor in Colorado files a Form D for a $3,000,000 maximum raise. Three investors live in Texas, and the first signs on June 2. The Texas notice and a $500 fee (0.1% of $3,000,000 is $3,000, capped at $500) are due June 17. The second and third Texas investors sign later and need no new filing. If the sponsor later raises the offering to $4,000,000, the cap means no extra Texas fee, and the Texas amendment is filed with the SEC amendment.
How DoorRaise fits in
DoorRaise helps sponsors raise equity for apartment buildings from their friends and followers under Rule 506(b) or 506(c), with verified accredited investors only. By default DoorRaise files the property's state; on new deals, the first investor from another state, such as Texas, pays that state's filing fee by card when they sign (later investors from that state pay nothing), and DoorRaise files within 15 days of that state's first signature. Fees: $1,500 to set up (non-refundable), then $5,000 a year from closing (only if the deal closes). See pricing or how it works.
FAQ
Do I have to file in Texas for a Rule 506 offering?
Yes, if at least one Texas resident buys. You submit the Form D copy and fee through EFD within 15 calendar days of the first Texas sale.
How much is the Texas Rule 506 filing fee?
One-tenth of 1% of the aggregate offering amount, but never more than $500.
Do I renew the Texas filing every year?
No. The offering is effective from the filing date until it is completed or terminated, with no annual renewal report.
Do I amend the Texas filing?
Yes, at the same time you amend the SEC Form D, and as soon as practicable after you find a material mistake.
Is there a late fee for Texas?
The Texas Rule 506 filing page does not state a late fee for an untimely initial filing. File on time anyway, because a late notice can draw regulator attention.
Sources
- Texas State Securities Board: Filing Requirements for Regulation D Offerings in Texas
- NASAA Electronic Filing Depository
- SEC: Form D
- 15 U.S.C. 77r
This article is general information as of October 2026, not legal, tax or investment advice. The example is hypothetical. Ask your own securities lawyer about your offering. DoorRaise is not a law firm, broker-dealer, investment adviser or funding portal.