Texas Finance Code 15.311 – Qualifications of Employees
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Terms Used In Texas Finance Code 15.311
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
A person may not be a department employee employed in a “bona fide executive, administrative, or professional capacity,” as that phrase is used for purposes of establishing an exemption to the overtime provisions of the federal Fair Labor Standards Act of 1938 (29 U.S.C. § 201 et seq.), if:
(1) the person is an officer, employee, or paid consultant of a Texas trade association in the financial institutions field; or
(2) the person’s spouse is an officer, manager, or paid consultant of a Texas trade association in the financial institutions field.