It is unlawful for a person to offer or sell a security in this state unless:
- (1) The security is a federal covered security;
- (2) The security, transaction, or offer is exempted from registration under §§ 47-31B-201 through 47-31B-203; or
- (3) The security is registered under this chapter.
Source: SL 2004, ch 278 , § 10.