Sec. 1. 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 IC 23-19-2-1 through IC 23-19-2-3; or
(3) the security is registered under this article.
As added by P.L.27-2007, SEC.23.