Minn. Stat. § 80A.49 : SECURITIES — REGULATION OF SECURITIES —REGISTRATION OF SECURITIES AND NOTICE OF FILING OF FEDERAL COVERED SECURITIES — SECTION 301; SECURITIES REGISTRATION REQUIREMENT TEXT PDF 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 80A.45 through 80A.47; or (3) the security is registered under this chapter. Minn. Stat. § 80A.49 2006 c 196 art 1 s 10, 52