(a) A disclosure statement must contain a statement disclosing any person described by Section 51.153 who:
(1) has, during the previous seven fiscal years:
(A) been convicted of a felony, or pleaded nolo contendere to a felony charge, involving fraud, embezzlement, fraudulent conversion, or misappropriation of property; or
(B) been held liable in a civil action resulting in a final judgment, or has settled out of court a civil action, involving:
(i) allegations of fraud, embezzlement, fraudulent conversion, or misappropriation of property;
(ii) the use of untrue or misleading representations in an attempt to sell or dispose of property; or
(iii) the use of unfair, unlawful, or deceptive business practices;
(2) is a party to a civil action involving:
(A) allegations of fraud, embezzlement, fraudulent conversion, or misappropriation of property;
(B) the use of untrue or misleading representations in an attempt to sell or dispose of property; or
(C) the use of unfair, unlawful, or deceptive business practices; or
(3) is subject to an injunction or restrictive order relating to business activity as a result of an action brought by a public agency or department.
(b) A statement required by Subsection (a) must include:
(1) the identity and location of any court or agency;
(2) the date of any entry of a plea of nolo contendere, conviction, judgment, or decision;
(3) any penalty imposed;
(4) any damages assessed;
(5) the terms of any settlement or order; and
(6) the date, nature, and issuer of any order or ruling.