Exemptions.

The following transactions are exempt from registration: 1. An offer, sale, or transfer by any one person of not more than one membership camping contract in any twelve-month period. 2. An offer or sale by a government, government agency, or other subdivision of government. 3. A bona fide pledge of a membership camping contract. 4. Transactions subject to regulation pursuant to chapter 557A . 87 Acts, ch 181, §8 Referred to in §502.201 , 557B.2