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 Sections 6 through 8 of this act; or
3. The security is registered under this act.
Added by Laws 2003, c. 347, § 10, eff. July 1, 2004.