It is unlawful for any person to offer or sell any security in this state, unless:\n(1) The security is registered and the offer or sale is not in violation of any rule or order of the Director of the Department of Consumer and Business Services or any condition, limitation or restriction imposed by the director upon such registration;\n(2) The security is exempt under ORS 59.025 or the sale is exempt under ORS 59.035; or\n(3) The security is a federal covered security for which a notice has been filed and fees have been paid under ORS 59.049. [1967 c.537 §7; 1997 c.772 §4]
Oregon Legal Code