It is unlawful for a person to offer or sell a security in this State unless: [PL 2005, c. 65, Pt. A, §2 (NEW).]
1. Federal covered security. The security is a federal covered security;
2. Exempt from registration. The security, transaction or offer is exempted from registration under sections 16201 to 16203; or
3. Registered. The security is registered under this chapter.