57-19-26 - Exemptions.
57-19-26. Exemptions.
(1) Unless entered into for the purpose of evading the provisions of this chapter, thefollowing transactions are exempt from registration:
(a) isolated transactions by an owner of an interest in a project or by a person holdingsuch an owner's executed power of attorney;
(b) an offer or sale by a governmental entity; and
(c) a bona fide pledge of interest in a project.
(2) The director may, by rule or order, exempt any person from any or all requirements ofthis chapter if the director finds that the offering of an interest in a project is essentiallynoncommercial. For purposes of this subsection, the offering of fewer than 10 interests in aproject is considered essentially noncommercial.
Enacted by Chapter 73, 1987 General Session