Those persons who (a) offer for sale units of ownership in real property securities as defined in section 20-329o (2) of the general statutes, and real estate syndicate securities as defined in section 47-91 (c) of the general statutes and (b) are required to be licensed with the Real Estate Commission as real property securities dealers pursuant to section 20-329p of the general statutes, shall be exempt from the Act pursuant to section 20-329bb (b) of the general statutes.

(Effective August 22, 1994; TransferredJuly 3, 1995)