§ 7-11-505 - Unlawful representations concerning licensing, registration, or exemption.
SECTION 7-11-505
§ 7-11-505 Unlawful representationsconcerning licensing, registration, or exemption. – (a) Neither the fact that a notice filing or an application for licensing or aregistration statement has been filed under this chapter nor the fact that aperson is licensed or a security is registered under this chapter constitutes afinding by the director that a document filed under this chapter is true,complete, and not misleading. Neither of those facts nor the fact that anexemption or exception is available for a security or a transaction means thatthe director has passed upon the merits or qualifications of, or recommended orgiven approval to, a person, security, or transaction.
(b) No person may make, or cause to be made, to a purchaser,customer, or client a representation inconsistent with subsection (a) of thissection.