It is unlawful for any person to offer or sell any security in this state unless:
(1) It is registered under this chapter;
(2) The security or transaction is exempted under § 23-42-503 or § 23-42-504; or
(3) It is a covered security.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 2 - Financial Institutions And Securities
Chapter 42 - Arkansas Securities Act
Subchapter 5 - Regulation of Transactions
§ 23-42-501. Sale of unregistered nonexempt securities
§ 23-42-502. Filing of prospectus, sales literature, etc
§ 23-42-503. Exempted securities
§ 23-42-504. Exempted transactions
§ 23-42-505. Denial or revocation of exemption
§ 23-42-506. Burden of proof of exemption
§ 23-42-507. Fraud or deceit in connection with offer, sale, or purchase of securities