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 sections 5201 through 5203 of this chapter; or (3) the security is registered under this chapter. (Added 2005, No. 11, § 1, eff. July 1, 2006.)
Vermont Legal Code