47-31B-301. Securities registration requirement.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 §§47-31B-201 through 47-31B-203; or(3)The security is registered under this chapter. Source: SL 2004, ch 278, §10.
South Dakota Legal Code