It is unlawful for a person to offer or sell a security in New Mexico unless: A. the security is a federal covered security;

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B. the security, transaction or offer is exempted from registration pursuant to Sections 201 [58-13C-201 N.M. Stat. Ann.] through 203 [58-13C-203 N.M. Stat. Ann.] of the New Mexico Uniform Securities Act; or

C. the security is registered pursuant to the New Mexico Uniform Securities Act.