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 80A.45 through 80A.47; or
(3) the security is registered under this chapter.
Copyright © 2017 by the Revisor of Statutes, State of Minnesota. All rights reserved.