Sec. 301. A person shall not offer or sell a security in this state unless 1 or more of the following are met: (a) The security is a federal covered security. (b) The security, transaction, or offer is exempted from registration under sections 201 to 203. (c) The security is registered under this act.
Offer or sale of security; requirements.
Mich. Comp. Laws § 451.2301, under UNIFORM SECURITIES ACT (2002).
Mich. Comp. Laws § 451.2301