No person may sue under Section 35-1-1490 or 35-1-1500 more than three years after the contract of sale, except that in cases involving a violation of Section 35-1-1490(2), where the cause of action accrues on or after July 1, 2003, the limitations period is extended to three years after discovery of the untrue statement or omission or after the discovery should have been made by exercise of reasonable diligence. No person may sue under either section if the buyer received:

1. (a) a written offer, before suit and at a time when he owned the security, to refund the consideration paid together with interest at six percent per year from the date of payment, less the amount of any income received on the security, and he failed to accept the offer within thirty days of its receipt; or
2. (b) the offer before suit and at a time when he did not own the security, unless he rejected the offer in writing within thirty days of its receipt.