It is unlawful for a person to offer or sell a security in this state unless: 746 10-5-21 (1) The security is a federal covered security; (2) The security, transaction, or offer is exempted from registration under Code Sections 10-5-10 through 10-5-12; or (3) The security is registered under this chapter. History. Code 1981, § 10-5-20, enacted by Ga. L. 2008, p. 381, § 1/SB 358.