Mich. Comp. Laws § 451.2301: Offer or sale of security; requirements.

Sec. 301.

A person shall not offer or sell a security in this state unless 1 or more of the following are met:

(a) The security is a federal covered security.

(b) The security, transaction, or offer is exempted from registration under sections 201 to 203.

(c) The security is registered under this act.