It is unlawful for a person to offer or sell a security in New Mexico unless:
A. the security is a federal covered security;
B. the security, transaction or offer is exempted from registration pursuant to Sections 201 [ 58-13C-201 NMSA 1978] through 203 [ 58-13C-203 NMSA 1978] of the New Mexico Uniform Securities Act; or
C. the security is registered pursuant to the New Mexico Uniform Securities Act.