There is a newer version of the Maryland Code
Maryland Corporations and Associations Section 11-501
§ 11-501.
  A person may not offer or sell any security in this State unless:
    (1)   The security is registered under this title;
    (2)   The security or transaction is exempted under Subtitle 6 of this title; or
    (3)   The security is a federal covered security.
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